With the indexes falling to pieces in the closing hour, the VIX closed for the second consecutive day above 20. In the brief AH trade, the VIX closed +16.69% @ 22.72. There was a notable spike of 23.23. The weekly close of VIX >20 is very significant, and a major warning of an index collapse wave.
A great deal of technical damage was achieved by the bears this week.
First, the two daily closes >20.
The weekly close >20.
The fact we closed in the 22s is a massive bonus to the bearish outlook into January.
Do not be surprised if we see a VIX (briefly) in the 30s next week, along with sp'1350/40s
More later, on the those busted up indexes