CLICK ON CHART TO ENLARGE
The Fear index (VIX) has remained at lofty levels for an unusual length of time, attempting to break above long-term resistance. The VIX almost appears to have made a “Triple Top” at this long-term resistance line at (1) above.
Now the VIX is breaking a steep rising support line as fear is coming off some.
Two days ago I shared that the VIX was up 37% of a late while the S&P 500 was flat. I ask if the market was a “House of Cards or a House of Fear” due to the elevated levels at resistance. The breaking of support might suggest that fear was a little high of late.
Despite the decline of late, the VIX index remains around 50% above last years lows at this time.
If you would like to receive Power of the Pattern updates on a daily or weekly basis