The VIX has surged higher after holding as expected its uptrend from 2017, but for now, the rise has been capped at the top of its broad range from January last year, seen starting at 32.35, economists at Credit Suisse report.

VIX is still in its broader sideways range

“The VIX has surged higher again after holding its long-term uptrend from late 2017 and recent low at 17.86/06 for a test of the top of its broader range from January 2022 at 32.35.”

“Only above 32.35 and then the 38.94 high of 2022 would warn this range has been resolved higher for a move to 50/53. Such a move though would be seen to likely accompany a sharp S&P 500 fall.”