$Invesco QQQ Trust(QQQ.US)$Invesco Nasdaq 100 ETF(QQQM.US)QQQ managed to add another strong week, and sentiment is starting to feel almost too comfortable again. The rally has been remarkably resilient, with buyers stepping in on nearly every dip and macro concerns getting pushed into the background.

What’s interesting, though, is that while the market keeps grinding higher, VIX has quietly returned to the rising support area that has been forming over the past few months. That doesn’t automatically mean a selloff is coming, but it does suggest complacency is becoming harder to sustain.

The market is still strong, yet volatility is no longer collapsing the way it was earlier in the rally. That divergence is worth paying attention to. After such a persistent advance, it wouldn‘t take much—a hot inflation print, a rates scare, or geopolitical headlines—to trigger larger swings in both directions.

This month feels less like a trend month and more like a volatility month. The broader uptrend may remain intact, but the days of effortless upside could be giving way to a much rougher ride.

@Bridge Buzz SG