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.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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