Chart of the day

VIX has broken above the falling downtrend line resistance of 13.50 for a reversal higher. It has previously bounced off historically strong support of 13. This zone of support 12.50-13 must hold for a complete reversal higher and is not excluded that we could see a retest of this zone again.

A break above 15 and 15.50 is required for a complete reversal higher and an upside extension to 20. This can happen either upon a bounce from here or another swing down to 12 and a bounce from there. In any case, I see the VIX bottoming here.

Long trades, you can open here with the protective orders below 12.50 and slowly build your long position or you can open a long trade upon a break above 15.

VIX