With US equities breaking a new cycle high for the eighth consecutive day, the VIX remained under pressure, settling +2.5% @ 12.25 (intra low 11.71). Near term outlook offers a moderate equity retrace, back to the sp'2100 threshold.
A day of minor chop. Opening black-fail candle... with a new cycle low of 11.71, but then a moderate rally into the close as equities cooled a little.
Broadly.. things really don't get remotely interesting until VIX can attain a daily close in the 14s. That will open the door to a brief foray into the 15/16 gap zone.
From there (and that assume we even get that high)... VIX will likely cool into early August.
VIX 20s look unlikely until the latter half of August.
more later... on the indexes