Despite the main indexes all closing moderately higher, the VIX held up rather well across the day, closing +3.5% @ 14.48. Hourly charts are offering VIX 16s for Wednesday, but that would likely be the peak of this current six day cycle.
The VIX opened lower by around 2% or so, but that was pretty impressive considering the Dow was +200pts! VIX held very comfortably within my target zone - from last Friday, of 13.70/50,
Hourly MACD cycle is set to go positive at the Wednesday open, and I would not be surprised if VIX is trading in the high 15s..even low 16s early tomorrow.
However, considering big QE due at 10am, I don't think the bears are going to be able to muster anything higher than the 16s.
more later..on the indexes