Volatility pulling back

It was a mixed day for the VIX. It wasn't until the sp' -10pts this morning that the VIX finally turned positive, getting stuck at 18.99. With equities rebounding, the VIX closed -4.0% @ 17.42. There is near term downside to 15/14.50 before the next surge into the 20s.


VIX'60min

VIX'daily3

Summary

One of the most notable aspects of today was the action in the VIX. Despite the market lower in the morning, it wasn't until the sp' slipped 10pts that the VIX finally turned positive. Even then..with sp'17/18pts...to 1772..the VIX didn't quite manage the 19s.

The daily chart is pretty clear...we have resistance in the 19/20 zone, and it will likely take a drop below sp'1765 to finally break into the 20s.

Considering the break on the weekly index charts, the VIX 20s do seem viable, but as has been the case for some years...the VIX never stays high for very long.

Best guess..a near term pull back to 15/14.50..before a move into the low/mid 20s - along with sp <1765..possibly down to the 1720/00.

more later...on the indexes