Yet another failed attempt from bears to break the S&P 500, most stubborn of all indices. Greek crisis and increased possibility of a disorderly exit from Euro zone led S&P 500 to test 2040 support area to prevail once again.

The chart shows 5 day change in VIX prices, which reached above 50 at peak of recent crisis, much lower than above 80 recorded during September and December turmoil last year.

However as crisis failed to unfold the VIX retreated sharply. As of now, 5 day change in VIX prices has fallen to -40, lower than September and December trough.

S&P 500 has moved swiftly above from 2040 level, close to its all-time high. S&P 500 is currently trading at 2125 and further rise seems likely.

However rate hike prospects from FED is likely to keep the upside checked and consolidation is more likely with upward bias.

Bulls have gained once more from shorting the volatility, however shorting it at record low levels might prove to be risky in the medium term.