VIX tested but remains above channel trendline support today

The volatility index (VIX) tested toward my channel trendline today but respected it once again and closed higher. Here's a closeup of the chart:


This action fits in with the working hypotheses of either a triangle, or the S&P 500 and other equities already along the path toward a downward movement to test the November 2008 lows.

I have posted a candleglance charts roundup at my UBTNB3 site (see link at right side of this page) of key markets we're following. So far, nothing out of line with our working hypotheses in these markets. The SPX also respected Tony Caldaro's 848 pivot, while the QQQQ (ETF proxy for Nasdaq) can be ensnared within a triangle as depicted earlier. While it may be possible for the Nasdaq to outperform, the risk to the equities markets generally remains to the downside.