Volatility - flatlining

With the main indexes remaining stuck under the mid-Sept' sp'1474 high, the VIX continues to flatline. The VIX closed +0.03% @ 13.55. If the indexes do rollover in the near term, a brief VIX spike into the low 16s still seems viable.


VIX'60min

VIX'daily

Summary

The opening black candle on the hourly chart was another good example of an 'opening fail' this morning.

With opening index declines of 0.3-0.5%, and the VIX +3%...yet..even those moderate moves never held.

There remains huge underlying index strength - seen especially in the Trans/R2K.
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Its kinda appropriate that the VIX is flatlining, whilst the main indexes remain stuck - for a tenth day under the key sp'1474 high.

If SP' can break >1475, then the VIX will doubtless fall into the 12/11s.
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However, my best guess is that we'll still see an equity retracement to the sp'1440s, but that outlook is becoming increasingly weak.
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More later..on the daily indexes.