We may see a small pullback in the VIX early in the trading day, or it can continue bullishly upward towards the target of the massive falling wedge it broke out of recently.
Don’t let a few green index candles fool you, we have a long way to go before we crush the VIX, unless there is a serious change in fundamentals. When VIX is high, a good hedge is to short or buy puts on the indexes, or the leveraged indexes, ideally before the breakout but I don’t think it’s too late. Technically the VIX is for SPY but it tends to be a good indicator for overall market activities.
High VIX = sell pressure on stocks and crypto.
This should be interesting to watch over the next few days.