With US equities settling broadly lower for a second consecutive day, the VIX was naturally net higher for a second day (intra high 16.85), settling +2.9% @ 16.05. It does remain notable that the VIX remains relatively subdued, still to show any real upside power.
In the scheme of things, VIX is clearly still pretty subdued in the mid teens.
It was highly notable today that whilst the sp'500 broke below the Friday low of 2052, the VIX did not break the Friday high of 17.09.
As things are.. best equity bear case is for the sp'2000/1990s.. before the next rebound of around 3%. At best... a brief foray to the VIX 19-21s.. before rapid cooling into mid May.
VIX has high potential to spike into the 25/35 zone in late May.. and that will require the sp'1950/00 zone.
more later... on the indexes