VIX'60min
VIX'daily
Summary
A somewhat quiet day in VIX land. The closing decline was marginal, and generally speaking, we remain in a near term up trend.
It will be VERY important for the VIX to hold >18 tomorrow, and the bears should preferably seek an opening spike into the mid 19s.
From a MACD (blue bar histogram) cycle perspective, the daily cycle is looking toppy, but the hourly cycle offers major upside for Friday, perhaps hitting 20/21.
Best guess remains that there is at least one further major wave lower in the indexes, with the VIX breaking the big 20 level.
More later