Volatility slips a little

With the equity indexes seeing the first significant gains in over two weeks, the VIX is continuing to broadly cool down - since the Monday high of 18.99. The VIX settled -0.35% @ 17.29, with an intraday low of 15.96.


VIX'60min

VIX'daily3

Summary

*the closing hour mini surge, and the daily reversal candle, are offering a potential warning, but with $5bn of QE tomorrow, I find it hard to believe the VIX won't continue falling into the weekend.
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Near term target downside remains 15/14.50..before a renewed surge.

The ultimate issue is whether sp' can put in a daily close <sp'1765, which would likely kick the VIX into the low 20s - for the first time since early October.
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more later...on the indexes