Volatility climbs a little

With the main indexes closing moderately lower, the VIX climbed for a second day, closing +4.1% @ 13.18. Underlying momentum is certainly turning back upward, with the VIX still reflecting bizarrely high levels of market complacency.


VIX'60min

VIX'daily3

Summary

Perhaps most notable today was the first test of the daily 10MA. Equity bears should be seeking a Thursday VIX close in the mid/upper 13s, but that will be difficult, with the hourly index charts in their current config.

The key VIX 20 threshold still looks very difficult to hit in Aug/September..even if the market declines back down to the sp'1550s - which appears to be 'best bear case'.

Right now, the notion of VIX 30/40s..seems impossible, baring the moon making landfall in the pacific.

more later..on the indexes