VIX has been playing cat and mouse with traders for months, now. We’ve seen numerous head-fakes — breakouts which might have signaled sell-offs, that were quickly slammed back down below overhead resistance.
As I wrote last month [VIX: Just Another Tool], this has become the norm for this once reliable indicator of risk in the markets. So, traders could be forgiven for believing this latest breakout is just another ruse.
Today marks the 11th session in a row where ES has opened and/or closed within 2 points of where its SMA10 now resides (2266.70.) Aside from a brief dip that was quickly corrected by the last VIX smackdown (Dec 30 – Jan 6), it has gone essentially nowhere. Perhaps it’s time for a little excitement. 
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