Volatility melts lower

The VIX opened higher, but with an opening black-fail candle - seen best on the hourly cycle, it became clear that the market would likely remain subdued. VIX settled -0.8% @ 13.25. Near term outlook offers small chance of VIX 14.50/15.00, but then further declines, with sp'1900s.


VIX'60min

VIX'daily3

Summary

A very quiet day.

Today's opening candle was yet another good example of why I often highlight the black-fail - or red reversal candles. Often they are good indicators of where the market is headed for the rest of the day.

As things are, equity bears have little downside power, and I do not expect sp<1814 for at least 2-3 months.
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more later..on the indexes