Volatility closes in the 17s

With equities seeing weakness across the day, the VIX managed to hold moderate gains into the close, +7.6% @ 17.50. The big issue remains, can the VIX break into the 20s, for the first time this year?


VIX'60min

VIX'daily3

Summary

The VIX closed near the high of the day, so equity bulls should be still be concerned about how we might be trading Thursday.

Yet, in the bigger picture, we're now overdue a VIX down cycle. Right now, I don't expect much VIX downside tomorrow, the first likely opportunity is probably this Friday, when we have key monthly jobs data.

I still think sp'1600/1597 will hold as a short term key low, and that should then offer a 1-2 week up cycle, somewhere to around sp'1660/70 - perhaps putting in a key lower high.

more later..on those bearish indexes