It finally happened. For the first time in 2017 the $VIX closed above its 200 day moving average and showed relative strength all day even during the several buying ramps today. As I outlined recently in “Beast Mode” and in “The Final Wave” I’ve been looking for a $VIX move above the 200MA on a closing basis to open up the possibility of a $VIX spike into the upper trend line.
In these compressed markets it remains to be seen if today’s close produces a meaningful follow through, but the descending trend line remains a target in 2017.
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