Volatility knocked lower

With the indexes seeing what is arguably a reversal day, the VIX could not hold the marginally higher highs of 18.51, and closed distinctly weak, -5% @ 16.63. Near term trend looks weak, and VIX could easily close the week in the low 15s.


VIX'60min

VIX'daily3

Summary

The daily index charts look pretty good for those on the bullish side, but the VIX daily chart looks even better for the bulls. Today's closing candle looks very weak for the VIX, and there is little reason why we won't see VIX in the low 15s by the Friday close.

Indeed, if equities have just put in a short term floor at sp'1598, then VIX could fall into the 13s within the next week or two.

more later..on the indexes