VIX swings back to the upside

With equities closing broadly lower, the VIX was naturally back on the rise, settling +6.1% @ 15.57. Near term outlook offers the sp'2000/1990s.. and that offers VIX 19/21 zone. If a brief washout to sp'1970/60s.. VIX 24/27 zone.. but that will make for a very brief short term top.


VIX'60min

VIX'daily3

Summary

VIX remains relatively subdued, stuck in the mid/low teens.

A brief foray to the 19/21 zone looks viable if sp'2000/1990s.

There is a valid H/S scenario (see sp'500 chart) that offers the 1970/60s.. and that might equate to a VERY brief spike to give front month VIX 24/27s.

*more broadly... sustained and powerful VIX upside looks more viable in last week of May/early June.

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more later... on the indexes

Closing Brief

US equities closed broadly lower, sp -19pts @ 2047. The two leaders - Trans/R2K, settled +0.6% and -1.6% respectively. Near term outlook offers a primary target of 2000/1990s.. with an equally valid H/S scenario target of the 1970/60s.


sp'60min

Summary

closing hour action: increasing chop, but with a new intra low of 2040.
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So much for the Monday gains.. almost fully negated.

The rest of this week should get real interesting.

Yes.. opex will usually (85/95%) of the time bode in favour to the equity bulls, but, there are exceptions.

Last week's candle was red.. with a clear spike, and (in theory) a weekly close around the giant psy' level 2K would actually be somewhat natural.
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more later... on the VIX

3pm update - the Monday nonsense negated

With the morning low broken, equity indexes have started to spiral lower. A break of the key sp'2039 low looks very viable before the close/early tomorrow. In either case.. from there.. next target is the 2000/1990 zone. A valid H/S scenario which would offer the 1970/60s... within 3-5 days.


sp'daily5b - H/S scenario

VIX'weekly

Summary

*sideline issue of the bigger weekly VIX MACD cycle.

It has sure taken its time, but we are due a bullish cross before end month. By definition, that offers a rather powerful candle.. at least to 20.. if not the 25/30 zone.
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So... lets see if we can close at the lows... or a little short-covering into the close. Current price action/structure would lean to the former.

In either case... yesterday's nonsense is set to fully negated.
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notable weakness... AMZN, daily

... having lost the $700 threshold. What a bargain, huh?

yours.. sarcasm @ 108% and rising.