Volatility climbs into the close

With equities opening lower, the VIX jumped, but immediately put in a black-fail candle. As expected, the market rallied. Yet equities were weak into the close, and the VIX closed +10.6% @ 17.07. Hourly charts look close to maxing out, but daily charts are now ticking back higher.


VIX'60min

VIX'daily3

Summary

The open was certainly a classic warning that the opening equity falls would not last.

A black VIX candle...and then weakness into the early afternoon. Interestingly, the VIX closed right where the opening high was.

For equity bears out there, the VIX MACD (blue bar histogram) cycle is now actually ticking back higher

How we trade Wednesday morning will very likely shape the next few weeks. If the bulls can't hold the sp'1620s, then the door opens to a major decline..as low as sp'1530/1500 by early July.

As it is, best guess remains..the bulls will hold the line tomorrow, and then push back upward.
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more later...on the indexes