The VIX broke a new short term high today, hitting 15.65 in early morning - whilst sp'1640, yet with the indexes rallying back, the VIX lost most of the gains, and closed +2.4% @ 14.83. Near trend is bullish volatility, but its going to be very difficult to break much higher than the 16s.
A positive VIX close for the second consecutive day, but the gains were only moderate, and we're still not able to put in a close in the 15s.
Underlying MACD (blue bar histogram) cycle is still ticking higher, but its now getting a little on the high side. It would seem, at best the bears have two more days higher.
VIX 20s look as far away as they have done since the start of the year.
more later, on the indexes