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The Cboe Volatility Index (NYSE:VIX) was dropping about 1.4% lower on Tuesday, its lowest level since Jan. 5, 2022, which is when the S&P 500 was trading near all-time highs.
Jan. 4, 2022, marked the all-time high for the S&P 500, when the ETF reached 4,818.62.
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The VIX’s most recent decline began on March 13, when the index topped out at 30.81. The VIX has now printed five red daily candlesticks in a row since April 12, sliding almost 14% without an intermittent bounce.
The VIX is an index that represents the implied volatility of the S&P 500 over the next 30 days. It can be used to measure the level of fear or stress being experienced by market participants. The price action of the S&P 500 and the VIX often move inversely to each other, meaning that when the S&P 500 rises, the VIX usually falls, and vice versa.
With this in mind, the VIX is indicating that the S&P 500 may continue to advance modestly over the next month.
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The VIX Chart: Although the VIX has been declining most recently, the index was working to print an inverted hammer or doji candlestick on Tuesday, which may indicate a bounce is on the horizon. If that happens, the S&P 500 could retrace lower.
- When the VIX eventually bounces, the index may find resistance at the eight-day exponential moving average (EMA), which has been guiding the VIX lower since March 22. If the index regains that level, a longer-term rebound could be on the horizon.
- The VIX has resistance above at 17.71 and 19.43 and support below at 15.68 and 14.10.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.