VIX soars after hitting levels unseen since November 2019

After returning to a level unseen since November 2019, the Volatility S&P 500 Index (VIX) soared nearly 30% within a matter of seven days. In the process, it broke above the resistance indicated by the lower bound of the fan pattern that we have been observing since late December 2023. On top of that, yesterday, VIX formed an opening gap, and today another one.

Illustration 1.01

Above is the daily graph of the Volatility S&P 500 Index (VIX). The yellow arrow indicates a breakout through the lower bound of the fan pattern, acting previously as resistance and now as support.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Therefore, your own due diligence is highly advised before entering a trade.

Kommentera:

Today's opening gap was filled.