VIX Update 2-18-19

The S&P 500 Volatility Index ($VIX) traded to a fresh 2019 low following the late Friday fade to 14.79. Lower support at 15.50-15 was cleared and held. A close below 14.50 would be a continuing bullish development for the market with downside risk towards 13-12.50.
Resistance remains at 16-16.50 and the 200-day moving average. A close above 17.50 would be a slightly bearish signal. This level has been breached but has held 3 times this month.
RSI is back in a downtrend with near-term support at 35 and the longer-term bottom near 30 and representing the March 2016 low. Resistance is at 40-45 with a move above 50 being a bearish signal for the market and signaling a possible near-term top for the major indexes. The 50 level has held throughout 2019.