E-Mini S&P and the VIX: Is there correction in the air?

The

Jobless Claims numbers this morning showed us that the path to recovery remains long and bumpy. Unexpectedly, the number of workers seeking jobless benefits rose by 36,000 to 482,000, according to the Labor Department. Combine a sluggish employment sector with a housing market that is still lethargic at best, and you have two of the main fundamental components of a sustained economic recovery left with a lot of work to do.

From a technical vantage the E-mini S&P is looking a little toppy and the VIX is trying to bounce. If you look at the charts I have attached you can see the short-term moving averages starting to cross over (up for the VIX and down for the ES). You will also notice the oscillators turning over the past few sessions. The ES market has had a nice rally since July '09 but it looks like the charts are setting up for a correction. I do not think it will a major move but we could see the ESH0 gravitate towards the lows made in December '09 around 1080.00.