Current Volatility Index levels of Resistance that I am watching for a LONG entry into the SPX (SP500).
Volatility Index Ticker (VIX)
1st Resistance Level 19.99 broken through 2-24-20
2nd Resistance Level 24.81 currently broken through.
3rd Resistance Level 36.20
4th Resistance Level 50.30
1st Support Level 3028 (approximately 10-11% correction from recent high of 3393)
2nd Support Level 2941 (approximately 14% correction from recent high of 3393)
3rd Support Level 2873 (approximately 16% correction from recent high of 3393)
Dynamics of recent all time market highs combined with fear of Coronavirus have the potential for a large VIX spike through this week and into next week, in my opinion. I'll be looking to incept a 1/4 to 1/3 position LONG SPX at the 3rd Resistance level of 36.20 and scaling up into a push into the 4th Resistance Level of 50.30.