...we saw the VIX breaching the target line. The next move should definitely go above 22. But looking at the SPX we might see another 2 to 3% to the upside.
most of the people are talking about a new bull market. fundamentally i'd support this view. technically however, i don't like the bottoming formation...yet. In both cases i'd like to see a crossing of the lower black line and new lows first.