Volatility moderately lower

Whilst equities built broad gains after a weak open, the VIX naturally failed to hold minor opening gains (intraday high 15.62), settling -4% @ 14.52. Near term outlook is for VIX to battle upward into the 17s. Whether VIX can break the key 20s..that remains the big question.


VIX'60min

VIX'daily3

Summary

*Once again, we've another instance of 'whacking the VIX lower in the closing minutes...

5min

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The pre-FOMC low of 13.95 remains a reasonable spike-floor, and I don't expect that level to be broken for some time..so long as we don't break >sp'1875.

If the market does rollover from here, then we'll no doubt see VIX 17/18s, but as ever, it remains a struggle to hit the big 20, and holding above that level - especially on a weekly basis, appears almost impossible.

more later...on the indexes