Lets forget about the minor day to day noise, and focus on the bigger picture...
VIX, weekly
Summary
We have a very clear descending wedge, and a break upward is viable within the next week or so. There is some very natural resistance around the 20/21 level, and at the upper bollinger of 24/25. It sure won't be easy to bust into the low 30s, a level we've not seen since last December.
The underlying MACD (blue bar histogram) cycle is finally turning higher, and we should go positive cycle within about 2 weeks. This is a very good outlook for the doomer bears out there, who are looking for some serious volatility this September/Autumn period.
Near term target remains 18/19 - as seen on the daily cycle, but as noted for many weeks now, until the VIX is back over 20, any index cycles are not to be taken seriously.
Lets see if we can break over 20 by mid-September, when we have not only the ruling from the German constitutional court, but also the next FOMC policy decision.
A little more later.