With equities seeing a sharp downside reversal in the afternoon, the VIX saw some distinct upside recovery, settling +0.6% @ 23.62. Near term outlook is for a break under sp'1900... and if sp'1867... that should equate to VIX 30.
*a net weekly gain of 6.0%
The opening hourly candle was a classic reversal, and was certainly confirmed via the net daily decline. Indeed, with the weekly close in the 23s.. the VIX bulls can look forward to the upper 20s.. even 30 threshold next Mon/Tuesday.
A bigger issue will be for some divergence between an equity lower low (<sp'1867).. but with a lower high in the VIX.
Anyway.. first things first.. lets see if <sp'1900.. and that should take the VIX back into the 30s.
*I am holding a VIX-long position from the 23.40s.. seeking an exit in the 28/30 zone... on Mon/Tuesday.
more later... on the indexes