Here's an update to last Monday's VIX post. The possibility of a channel kiss-off was quickly extinguished on Monday followed by a decline down to the LR30 mean at 27.50 that I was looking for as a mean reversion move and the VIX spent the later part of the week oscillating around that level as the major indices consolidated in tight trading ranges.
The mid panel technicals are now in alignment and are suggesting a bullish move in the VIX, with the upper LR30 channel once again providing the first line of resistance.
With expiration upon us this week, the tendency is for continued consolidation, so the net expectation for the majors is neutral to bearish.
I'm on the road for a few days meeting with a few trader buddies in Las Vegas so posting may be light but, as always, watch the pivots and the NYAD on 2 minute bars to confirm your daytrading trigger signals. You'll seldom be disappointed.