Volatility breaks new cycle lows

With equities breaking new cycle highs, the VIX was naturally on the slide, melting lower across much of the day, settling -9.5% @ 14.52. Near term outlook offers a floor in the 14/13s, before the next opportunity of a move to at least challenge the key 20 threshold.


VIX'daily3

Summary

Little to add.

VIX has been cut in half since the spike high of 31.06. In the next wave higher, the 18/22 zone looks a viable target.

When will we next see the 30s... that is the great unknown. Considering the power of the ongoing equity up wave, it is increasingly (if not depressingly) doubtful that we'll test that spike high for some considerable time.
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more later... on the indexes