There is "something" that seems a bit off with this Market. I don't like the lack of new leaders, and the way the market had hit new highs and then retreated. I am also not impressed with the McClellan Oscillator and the Summation Index from a bullish perspective. What bothers me the most is how the VIX is in bearish territory.
The chart below is the S&P 500 and the VIX with 50-1 Bollinger Band settings, which was shown to me by Tom McClellan. When the VIX is above it upper Bollinger Band, the Market gets quite ugly. Take note on the chart below, the VIX is currently above its upper Bollinger band (highlighted with black rectangles). As a result, the VIX has wrecked havoc on the all Market indexes. When this occurs the Bears are clearly in charge.
Until the VIX retreats below the middle Bollinger Band, consider this market in the bears hands.