Futures on Volatility Index (VIX) extends a decline by 0.6% today as indices on Wall Street continue to rise amid de-escalation in the Middle East and falling oil prices, which are dropping another -1% today to $67 per barrel.
- Seasonality may support pressure on VIX as historically as the first week of July is a very strong (usually the strongest during a whole year) period for the US stock market (Independence Day Rally), partially due to fund managers 'window dressing'.
- In the case of no negative catalysts from geopolitics (and oil), buying momentum may extend further. On the other hand, as we can see on the hourly chart, RSI is forming contrarian signal with oversold level (25), supported by MACD bullish crossover. The important resistance zone is now 20.
VIX (H1 interval)
Source: xStation5
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