The VIX managed a new cycle high of 17.57, settling +0.5% @ 17.03. VIX saw powerful net weekly gains of 34.2%. Equity bears should be seeking a close above the weekly 200 MA - currently in the 17.70s.. to offer hope the equity rally from Oct'2011 is over.
*I should note.. just two days ago, I was seeking a VIX weekly close in the 10s.. along with sp'1980/90s.
With the major trend break on Thursday, a great many of the broader cycles have changed in outlook. If the sp'500 can back test to 1955/65 next week, then VIX will likely cool to the 14/13s...before another viable snap higher.
Those equity bears who believe sp'1991 is a key mid term top, should be seeking an August break <sp'1900, along with VIX 18s.. if not a more significant target of the 22s.
more later.. on the indexes