Despite a very low trading volume and a close at the same level as Friday the VIX made a new low. As can be seen above the VIX closed outside the lower Bollinger Band, which is bearish for stocks. It doesn't mean that stocks have to decline today, but we should see a decline soon.
The Elliott wave count also suggest that wave [B] might have ended with the new low at 18.80.
My favorite count can be seen below and shows that wave C became and ending diagonal and the break below the supportline yesterday could well mark the end of the ending diagonal or that we are very close to the end.
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