With US equities unravelling in the late afternoon, the VIX soared from the low 17s.. to above the key 20 threshold, settling +18.7% @ 20.44. Near term outlook offers a chance of continued equity weakness to the 200dma in the low sp'1970s.. which would likely equate to VIX in the 22/24 zone.
*it is notable that the bigger VIX weekly cycle, upper bol' will be offering 23s this Thurs/Friday.
The market sure did unravel in the late afternoon, and the daily close in the 20s was certainly a surprise. The notion of 14/13s by the Friday close is now extremely unlikely.
Indeed, equity bears should be pushing for continued downside to the 200dma of the sp'1970s into the weekend... its certainly viable.. so long as the usual 'dip buyers' remain unwilling to jump aboard ahead of a spring rally.
more later... on the indexes