It is worth updating you all on the VIX index. One of my beefs with this rally has been 1) The horrible volume on SPY. The volume levels are some of the worst we have seen so far this year and well below recent readings and averages and 2) The fact that VIX is well above 20 and not at all collapsing on itself like we see with most 100+ point rallies.
Notice below that there are two levels of support to watch on the VIX: 1) The 50-day moving average that has been a nice bounce area on two previous occasions for the VIX and 2) the rising trend-line that began back in late December.
Both of these support levels appear to be very formidable for now and could be where the market ultimately exhausts itself at.
Here’s the VIX analysis:
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