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Watch The VIX?

The VIX closed at 22.50 and will be testing an important fan line support today (the support/fan line that the VIX was sitting on at the close yesterday).

Note the sequence of higher highs from December to now ... so the concern would be centered around a possibility that the VIX could rise higher than the previous high. (Since the VIX moves in the opposite direction of the stock market, that would be a negative.)

Short term, the VIX has showed improvement by moving lower, but with two approaching supports coming, the VIX should be watched carefully.

VIX

 

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