Volatility snaps higher into the close

With the indexes slipping significantly lower in the closing hour, the VIX closed the week on a high, settling +12.2% @ 16.30. Across the week, the VIX gained 16.5% Despite the gains, the big 20 threshold still looks very difficult to reach any time soon.


VIX'60min

VIX'daily3

VIX'weekly

Summary

A pretty exciting end to the week..and the month. Yet, we're still only talking about VIX 16s, that is a still a bizarrely low level.

Equity bears should be careful not to lose themselves in the hysteria of what is just an index decline of 1.4%. Primary weekly and monthly trends remain to the upside.
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The VIX weekly chart is kinda interesting, in that the week closed on a high - always a bullish sign for volatility. Yet, until we put in a VIX weekly close above the 200 weekly MA, the equity bears can't expect a major equity drop.

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a little more later..on the indexes