VIX (VX) Nears 2023 Low Ahead of Q2

VIX (VX) Weekly/Daily/4hr

The (VIJ23) is trying to firm after sliding from last week’s 2023 high, but remains vulnerable to retesting the 2023 low and the psychologically key 20 whole figure level going into April.  Any reclaiming of this week’s high will likely have to wait until next week, and would dramatically increase the odds of testing the key 25 level in the few days after.  VX bulls are best prepared for the moderately high probability of a brief overshoot to the downside today with a fresh 2023 low.  Nevertheless, short covering may occur as early as today 830am EST with the US core PCE price index.  Congratulations to premium subscribers who benefited from the March 17, 2020 warning of the pending slide in the VX, one day before its record high on the front month contract, or more recently from the Nov 30, 2021 alert of the growing probability of a rebound in the VIX and repeated Jan 18, 2022.  The weekly RSI, Stochastics and MACD are tiring or steadily sloping down, weighing on the somewhat bottomish daily RSI and Stochastics.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Thursday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on S&P500, EURUSD

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