Could VIX be a key?
Since its intra-day low of 14.86 on February 8, VIX has been on the rise to its current level over 24.00. It has been up in 7 of the last 9 days while the S&P 500 Stock Index (SPX) has been down in 7 of the last 9 days (SPX is down 5% since its February 18 peak at 1,344).
Some market pundits believe that a two-day decline in VIX will signal a short-term end to the market decline. So far, the recent declines in VIX – on 3/8 and 3/11 – have been only 1-day affairs.
Will Saint Patrick be watching VIX? Time will tell.