Something I noticed in the VIX yesterday after it spiked up in the morning hours only to pullback sharply by the end of the day, that it demonstrated something that we’ve seen four prior times in 2013 that has led to significant moves higher in the SPX.
That shooting star candle on the VIX (CBOE Market Volatility Index) has been a great indication of when a sell-off has a bottom in place. So that if history continues to play itself out in a similar manner, that yesterday’s pullback should mark the end of the recent selling we’ve seen this week, and actually begin pushing this market higher going forward.
Look first at the VIX indicator:
Now checkout the SPX during those same periods:
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