Today, the S&P500 closed at 2350, +0.6%, a new daily All Time High and VIX went up by 11%….Indeed, also up, showing divergence with the S&P500.
Now, if we combine this with the next Cycle Time Window of FEB 17-23, Bearish Divergence RSI S&P500, Bullish Divergence RSI VIX, Wedge Up Resistance area 2340-50, Wave E of an ABCDE pattern and Apple forming a doji, it might be wise to be careful with long positions and/or overweight short positions in anticipation of a change in trend.
Or you could simply wait for confirmation with a close < 2332.
VIX resistance @ 12.5 and 13.2 from trendlines.
Summary: although the trend is still up at any time frame, the risk for long positions increases and we should be alert for a High to be formed.