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VIX Pop Likely To Be Reversed By Friday

|Includes: SPY, SPY, iPath S&P 500 VIX Short-Term Futures ETN (VXX), VXZ

The CBOE Volatility Index (VIX) moved over 6% higher today, to close at 18.66.  Taking a look at the recent VIX moves, you can see a clear pattern on these daily pops.

The last 3 VIX upward spikes lasted exactly 2 trading days, then the overall downtrend resumed.  Based on this pattern, one would anticipate that the VIX may rise to the 20 area on Thursday, only to reverse lower on Friday.

Something else to keep in mind on the Hourly S&P 500 (NYSEARCA:SPY) Chart that I follow quite closely for our BigTrends Index Options Timer program.  That chart has formed a whippy range between roughly 113 and 115 ... that range is likely to be broken soon.  If it is broken to the downside (no certainty at this point, most underlying trends are still UP for the markets), then we could see the VIX move beyond 20 , possibly moving to its Top Bands around the 22 area.

Disclosure: Subscribers holding partial position in SPY Calls.