VIX has been crushed by 64% since Mnuchin convened the Plunge Protection Team.  Despite its rising channel and rising wedge breaking down, ES made higher highs yesterday.  In other words, the VIX games continue. But, with OPEX and quad-witching soon in the rear-view, buyback blackouts approaching, the BREXIT deadline just ahead, and bonds indicating equity trouble ahead — for how long?continued for members…

So far, the breakout has been less than enthusiastic. Part of the reason is that VIX is nearing obvious support at its .886 as shown above.  But, RB and CL also have limited upside in the near term… …currencies have been going nowhere… …and the bond market is still sending bearish signals. Things are always a little hinky around OPEX and Quad-Witching.  But, I still expect to see some backtests as discussed yesterday (DJIA’s SMA200 and SPX’s 2.24) get started — perhaps as early as today.