VIX was rejected at the crucial 17 resistance level on Monday, to close in the mid-16s on Tuesday. This year, 4 major VIX upmoves were stopped at the 17/18 level. What followed those reversals was a continuation of the uptrend of the major stock indices. What remains to be seen is whether VIX will breakout form the 17/18 level now, in which case it will target the yearly high of 21+.
VIX Index, daily chart:
Chart courtesy of StockCharts.com. http://stockcharts.com
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