VIX (VX) Weekly Doji @ Fresh 2023 Low

VIX (VX) Weekly/Daily/4hr

The VIX (VIJ23) is trying to firm after sliding yesterday to a fresh 2023 low below the psychologically key 20 whole figure level.  Nevertheless, with the VX arguably nearing descending wedge completion (on the 4hr and daily chart), the VX appears more likely to retest the March high in April than to slide all the way to downchannel support (on the weekly chart) in the same period.  Either way, before VX bulls get excited, they’ll want to see a daily close above the psychologically key 25 whole figure level.  Watch for volatility Wednesday following the US CPI, FOMC meeting minutes, Thursday after the US PPI and unemployment claims and Friday with the US retail sales and preliminary UoM consumer sentiment.  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 and daily RSI and Stochastics are trying to bottom, but weighed by the still downsloping weekly and daily MACD.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Monday.  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, USDJPY

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