VIX - weekly cycle
The weekly cycle is something I really like to follow, and here we are...its only Monday, and we're on the verge of going MACD +cycle tomorrow.
Certainly, if market fails to hold above the 1360s..then immediate upside in the VIX is around the 30 level.
VIX - bullish market scenario
Assuming the market can hold the 1365/70 level this week, VIX will probably max out somewhere between 20/23, with then a multi-month decline to form a new low by June/July.
Special note...
If we see VIX 25+ at any point, the door is open to a May'2010 flash lower, with a huge VIX spike. We'll surely know in the next few days.
The bulls had better hold this market up, and away from the 1350s..or there is real trouble brewing - again, I'd reference the NYSE weekly, and the Transports monthly.