Volatility back on the slide

With the main indexes closing higher, the VIX fell lower into the close, settling -7.4% @ 14.76. Near term trend looks weak, with VIX 13s likely within the next few days - equating to a bounce into the sp'1680s. VIX 20s still look unlikely until September.


VIX'60min

VIX'daily3

Summary

Yesterdays VIX candle sure does make for a spiky top..at least for the immediate term.

Today's decline of 7% was pretty significant, and I have to guess we'll soon be back in the VIX 13s - along with sp'1680s.

Weekly equity charts continue to warn of more significant market weakness into mid September, and if we're trading under sp'1600, then VIX should at least have a 'brief' opportunity to test the big 20 threshold.

more later..on the indexes