VIX Follows Through to the Upside

It is very encouraging to see the ProShares Ultra VIX Short-Term Futures ETF (UVXY) hold pullback support at 28.00, and then pivot to the upside to take out Friday's rally peak at 29.49.

The next target is a test of the Oct 15 high at 30.61, which, if or when hurdled, should trigger upside continuation for "the big one," a test of the Sept-Oct resistance line at 32.00.

At this juncture, key near-term support at 28.16 needs to contain any forthcoming weakness to preserve the current very bullish set-up.