It is fascinating that the VIX (SPX Volatility Index) is trading right along, its 200 EMA, now at 18.48.
The fact that the EMA is flattening out tells me that it is not exerting much resistance any longer, and instead is neutral and will not be an impediment to an upside thrust in the VIX.
My near- and intermediate-term work continue to "warn" me that the VIX is nearing its emergence from a massive base formation that should propel it to 27-28 initially.
Where will the S&P 500 (SPX) be if that happens?
Lower for starters…