Volatility knocked into the close

With US indexes seeing a late afternoon swing to the upside, the VIX settled -5.4% @ 16.11. However, near term outlook is still offering VIX in the low 20s - if sp'500 can break <1800. The mid/upper VIX 20s now look very much out of range until the early summer.


VIX'60min

VIX'daily3

Summary

The closing hour was a real mess, with the VIX seemingly due to close positive in the mid 17s, only to get whacked lower, as the sp' swing from 1815 to 1830.

The daily closing candle is a bit of a weird one, and this is the second spiky candle in two trading days. Have we already maxed out on the VIX, or is there one last gasp to the high teens later this week?

Certainly, I've abandoned any hope of a near term VIX leap...much beyond 19/20.

more later...on the indexes