After a couple weeks of consolidation the rally higher may be resuming. Expect a new 2016 low in the VIX this morning, and new all-time low in UVXY. With a VIX Upside Warning, it’s possible for strength to continue until we regain the pre-correction high, which in this case was the November 3rd high of 2116. If we make it that far without a serious pullback, upward strength should at least slow.

Non-farm payrolls on Friday could be another catalyst.