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VIX Trying to Flip $22.11 Resistance Into Support

Written By: ChartChamp

November 4, 2024

The VIX continues to trade near the white resistance level around $22.11. There have been numerous rejections at this price level throughout the year, but the VIX is trying to flip resistance into support here. I think we have a lot of big events this week with the US presidential election, more jobs data, a lot of companies reporting earnings, the Fed is likely to cut by an additional 25 bps, and Iran is threatening to attack Israel. These events can cause some market volatility and the VIX would need to continue hold above $22.11 to start a rally.

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