With the main indexes closing moderately lower, the VIX managed to claw higher into the close, settling +5.9% @ 13.04. Baring a break <sp'1675, the VIX still looks set to fall back lower into the Friday opex.
So, volatility climbs a little, and we're back into the teens again. Yet, unless the equity bears can break <sp'1675 tomorrow/Friday, the VIX looks set to simply melt back lower into the Friday/opex weekly close.
With the hourly index charts looking floored from a cycle perspective, the bears are going to find it next to impossible to break 1675..baring a straight forward 'gap below resistance'. I don't think that is at all likely.
Next week looks a lot more interesting, with VIX possibly in the 15/16s.
more later..on the main indexes