The S&P 500 Volatility Index ($VIX) tested a low of 12.55 with last Friday and key support at 12.50 holding on the market’s opening gains. The surge to 15.27 afterwards breached lower resistance at 15-15.50 and the 200-day moving average but levels that held into the closing bell. There is upside risk towards 17-17.50 on a move above the 15.50 level.
Fresh and rising support is now at 14.50-14 and the 50-day moving average. Continued closes back below 13.50 are now needed to reestablish a possible bullish signal again for the market.