By Sellputs
Please refer to my article from last night if you would like background information on why we saw a VIX pop today.
Renewed uncertainty over the Greece bailout sent equities down and the Chicago Volatility Index (VIX) skyward. The VIX was up 5% in early morning trading, though has settled up around 3% as of 3:30 est.
Historically VIX support has been at the 16.62 level which has been tested four times the past few years. Each time the VIX reached the 16.62 it bounced fairly violently, followed by a slow decay. The downtrend has been in place Oct of 2008, each test of this downtrend failed resulting in further downward price action.
52 week range: 16.17 - 47.63
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