VX Critical Resistance Test

VX is back up near an important resistance level here around 22 after breaking out of its descending channel. This level goes back to September of last year and has been unable to sustain above on its one breakout earlier in March.

We'll see if its able to break and sustain this time or not. it could lead to a bounce on the major indexes, but look out below if not. Next potential targets for VX would be the yearly high and trendline above. If we do get the upside break for VX, I'd expect ES/NQ to head down to the lows from August of last year before any significant support is found.