Volatility whacked lower

With the main indexes seeing some moderate upside with sp +1% @ 1588, the VIX saw rather consistent weakness across the day, closing -8.2% @ 18.47. VIX is probably gap-filling, and a stronger surge into the mid 20s looks very viable by the Friday close.


VIX'60min

VIX'daily3

Summary

Yesterdays black candle on the daily chart was a good warning that today would not be good for the bears.

However, this is probably just a 2 day 'cooling phase' before the next surge higher.

I find it hard to believe sp'1560 is the low of the current equity down cycle, and indeed, I'm seeking at least the 1530s, possibly 1510/00 within the next 3-5 trading days.

Even the sp'1530s should equate to VIX 25/27.
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 more later..on the indexes