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Volatility: Despite the selling in $SPX $NDX $RUT today, $VIX $VXN spent most of the day down. They are both down at the levels where they were at the start of May. And their patterns suggest more dropping yet to come.
Though we would have preferred to see a slow and steady decline in volatility, rather than a sharp drop, the basic message from $VIX $VXN is quite bullish. They definitely confirm that Surge5 is happening. Contango is running at close to 9%. This is tough on UVXY and TVIX, but quite bullish for $SPX $NDX $RUT.
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$SPX $NDX $RUT support & resistance zones during Surge5
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