Cash VIX Presses Towards Key Intermediate-Term Support, Which, If Broken, Will Confirm that Out of Brexit Emerges a New Upleg in SPX

From a big-picture VIX perspective, let's notice that the price structure is pressing towards a test of its year-long support line, now in the vicinity of 12.75, right at the same time SPX is pushing up towards a confrontation with every prior high since May 2015 between 2120 and 2134.72.

Today's high so far is 2120.08, which corresponds to an intraday VIX low at 13.38.

If SPX is destined to break out to the upside and enter a new upleg in the post-2009 Bull Market, then cash VIX should violate support between 12.75 and 10.88, and press to unprecedented levels-- perhaps into single digits-- furthering the perception that there is nearly no risk to buying and holding the SPX atop a 220% rise since March 2009.

Conversely, if SPX climbs to new all-time highs, but the cash VIX fails to break the above-mentioned support zone, then VIX will be sending us a warning signal that there is increasing risk to buying and holding the SPX "up here."