The situation in the South Pacific remains complex, and all of these relevant factors must be monitored to determine when the trends may change.

The last chart is of Utilities Select SPDR ( XLU) over S&P Equal Weight ETF ( RSP).

The chart gives a good idea of U.S. equity market fear and volatility.

The pair trades are strongly correlated with volatility and are generally inverse to the S&P 500. The chart is moving toward a bottom, which may signal that equity markets are too complacent.

Equity markets have made new highs and been the market of choice for global investors over the past few weeks, which may mean it's time for a pullback. The lack of movement following better-than-expected retail numbers and the low trading volume could signal waning momentum in U.S. equity markets.

At the time of publication the author had no position in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Andrew Sachais' focus is on analyzing markets with global macro-based strategies. Sachais is a chief investment strategist and portfolio manager at the start-up fund, Satch Kapital Investments. The fund uses ETF's traded on the U.S. stock market to gain exposure to both domestic and foreign assets. His strategy takes into consideration global equity, commodity, currency and debt markets. Sachais is a senior at Georgetown University earning a degree in Economics.

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