Volatility still trading within a narrow range

Despite the indexes seeing a sharp intra-day swing, the VIX is still trading within a particularly narrow trading range. The VIX closed lower by 2.6% to settle @ 15.51 It had earlier been up almost 5% in the high 16s.


VIX'60min

VIX'daily

Summary

One notable aspect of the VIX right now is indeed the narrow trading range. Despite the indexes swinging from sp -13pts to close +11pts, the VIX only swung from +5% to -2% - and that's from a very low level in the mid teens. Pretty incredible.

The hourly VIX chart is bullish indexes into tomorrow, and I'd guess we might briefly drop into the VIX 14s tomorrow - not least if SP' can break into the 1420s.

The much awaited 'VIX explosion' looks as distant as ever, but then that's how it should feel, near the top of an index wave'2 bounce.

More later...on the indexes