VIX climbs for a second day

With US equity indexes closing broadly weak, the VIX managed a second consecutive net daily gain (intra high 15.03), settling +5.4% @ 14.94. Near term outlook threatens a key equity top of sp'2056, with VIX having built a floor in the 13s. First upside target is the key 20 threshold.


VIX'60min

VIX'daily3

Summary

The VIX is starting to offer the first signs that equities have maxed out from sp'2056, with VIX having built a key floor in the 13s.

For the moment, there isn't 'full clarity' via the bigger weekly cycles, but on any basis, the bears are due a retrace to at least the 50dma by early April, and that should equate to VIX around the 20 threshold.

Considering the long weekend ahead, the VIX will be more inclined to melt back lower, into the Thursday close.

--
more later... on the indexes