Is VX Dead Again?
As with most charts I'm sharing right now, VX is sitting at a make or break level. The fact that we have so many stocks and indexes sitting at critical support and resistance levels tells me we're going to move, and move a lot soon.
We've already moved a lot, but we're basically back where we started. I don't think it's over, I think too much damage has been done. However, anything can happen when VX is elevated like this so I'm prepared for a big squeeze.
Bears will need to see VX hold and for ES to remain below 5350 to have any real chance. If we do see VX break below this support, I'd expect a melt up over the next week or two.
We've already moved a lot, but we're basically back where we started. I don't think it's over, I think too much damage has been done. However, anything can happen when VX is elevated like this so I'm prepared for a big squeeze.
Bears will need to see VX hold and for ES to remain below 5350 to have any real chance. If we do see VX break below this support, I'd expect a melt up over the next week or two.
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