The Market Message from the Volatility Index (VIX) ...
Oftentimes, the VIX sends important messages about the market at critical points.
One critical level for the VIX is 15.23 which is the support floor that was established on April 12, 2010.
The day that the S&P started its upside run that took it past its recent resistance (see the circle), is the same day that the VIX finally closed below 15.23.
Since that event on April 20th, the VIX has had 4 days below 15.23 and 4 days above 15.23.
So, it is dancing around that important level and it needs to make a definitive direction choice very soon.
*** The eight days that were spent hovering around 15.23 had an upper/lower range of 14.27 to 16.42, so these are the important numbers to watch now in order to see which way the VIX will tip for its directional decision. So, the above information is the important background reason why you should put 14.27 and 16.42 on your VIX radar during the next few days.