US equities saw a rather typical latter day recovery, and closed moderately higher. Naturally, the VIX slipped into the close, settling -5.2% @ 13.19. If the indexes are maxed out, then we should see the VIX start to battle higher, and break into the 16/17s by Wed/Thursday. 20s still look out of range.
For the bears, today was indeed a rough start, and that's on top of the lousy end to last week.
However, sp'1560s were always a threat, and seeing the close of 1563 was not exactly a surprise.
What is now paramount for the bears, to contain the indexes at current levels, and most certainly, NOT see any further push higher into the 1570s again.
Best guess is that we won't break new index highs, and indeed, as the week proceeds, we should see some real dynamic upside VIX movement.
The big VIX 20 threshold still looks an insurmountable level though. Only if sp' <1500, can I see VIX 20s occurring, and even then, it'll be difficult.
more later..on those indexes