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VIX Futures (Don’t) Breakout: a Slinky’s Story of Epic Failure

Courtesy of ZeroHedge. View original post here.

Volatility Index Futures (VX)

VIX futures spiked up to 13.47 during the session before reversing 12% lower and closing back down at 11.88.  Today's 13.47 intraday high was just:

  • 0.03 lower than the 11/15 swing high of 13.50, which is…
  • 1.15 lower than the 10/25 swing high of 14.65, which was…
  • 3.85 lower than the 9/05 intraday spike up to 18.50, which was…
  • 0.50 lower than the 8/29 intraday spike up to 19.00, which was…
  • 0.75 lower than the 8/11 swing high of 19.75, which was…
  • 0.45 lower than the 6/29 intraday spike up to 20.20, which was…
  • 1.75 lower than the 5/18 swing high of 21.95, which was…
  • 1.55 lower than the 4/17 swing high of 23.50

fibozachi super rsi vix

Drawing trendlines from each Lower Low provides future resistance at several levels.  After another failed breakout attempt, the only thing noteworthy for VIX bulls is that the Super RSI™ has registered consecutive bullish divergences as the RSI has made higher lows while price has made lower lows.

fibozachi super rsi vix daily resistance levels

A good way to get an early 'heads up' that VIX futures may be ready for a true breakout is to draw the trendlines on the RSI's plot values.  We can see that the RSI value is turned up and poised to break above the trendline from the August highs, but true confirmation of a long-term VIX bottom will require a break above the trendline connecting the two major swing highs from 4/17 and 8/11. 

fibozachi super rsi vix trendline levels

Check out Fibozachi.com to learn about modern technical analysis and trading indicators that actually work.


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