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Two weeks ago, we looked at the VIX and concluded that there was no convincing technical evidence of a bottom. That was just a few days after the highs, and quite a bit has changed since, with heavy selling again today erasing the gains from early in the week. The ten- and 20-day MAs have recently turned positive and the VIX is likely to break out of its channel today as it is up 3.7 at midday. An established uptrend in the VIX would be negative for the stock market.
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