VIX remains very subdued

With US equities breaking a new cycle high for the eighth consecutive day, the VIX remained under pressure, settling +2.5% @ 12.25 (intra low 11.71). Near term outlook offers a moderate equity retrace, back to the sp'2100 threshold.


VIX'60min

VIX'daily3

Summary

A day of minor chop. Opening black-fail candle... with a new cycle low of 11.71, but then a moderate rally into the close as equities cooled a little.

Broadly.. things really don't get remotely interesting until VIX can attain a daily close in the 14s. That will open the door to a brief foray into the 15/16 gap zone.

From there (and that assume we even get that high)... VIX will likely cool into early August.

VIX 20s look unlikely until the latter half of August.

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more later... on the indexes