Wednesday’s VIX candle shows a high-spike wick, which is often a sign of a correction bottom. Since we exceeded the Oct 2014 SPX low of 1820 on that day, watch for a possible recovery. Until we have multiple days of lower VIX closes, I will remain protective of downside risk and will sell call spreads. The true sign that new market highs could be coming will be VIX closing below 16.93 for three consecutive days.