UPDATE2: VIX Weekly Chart

VIX (Volatility Index) has fallen below a rather significant trend line.  As noted, this has happened numerous times in the last 4+yrs since the 07-08 market moves.  What does it mean?  Maybe nothing, but certainly a circumstance worth monitoring.  Should VIX continue below this trend line, the markets may tend to remain strong and positive.  Watching and Learning.

UPDATE2:  VIX has rebounded and penetrated the 'gap' and retreated back to the trend line.  What is next?  A surge to close the 'gap'?  A retest of the trend and exploding up after a recent higher high? OR break back down and make another new lower low?  OR meander along this trend line for a while?  Continuing with Watching and Learning.

UPDATE (Jan 19, 2013):  two factors have emerged - there has been decisive movement below the trend line including back tracing and there is a large 'gap' above that might have to be filled at some time.  

Dec 22, 2006 VIX hit a low of 8.46.  Watching and learning.

UPDATE(2): Messy IHS measuring 100+ pts? SPX Hourly chart

UPDATE 3: This pattern has pretty much failed though with the current euphoria and mis-allocated capital, who the heck knows!  Was crawling along the top then broke below the trend line.

UPDATE (2):  The 'messy' IHS has continued, and looks less likely of following through, however, that potential remains a possibility.  Watching and Learning.  

UPDATE:

ORIGINAL POST: