VIX is currently at 31.86 which is well over its 20 dma which is 31.04. It has not closed over its 20 dma since March 30th. Is this just longs buying protection, or will this signify a breakout.
I would not draw to conclusions yet. I want to see it close above the 20 dma two days straight. Notice how it did indeed fend off the 28.80 resistance the other day and appears to be more than a dead cat bounce today. But have to watch into the close.
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I think its longs buying protection instead of speculators. In a related market, compare the volume and open interest in SPY puts - looks like option writing to me.
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