After hitting & reversing off the 16.37 target/resistance, /VIX ($VIX futures) offers an objective re-entry, add-on or new long entry on this backtest of the primary trendline on this 120-minute time frame. Note, this is the April contract (still most active) but will be rolling to the May’s soon.
VIX 120m April 8th
One could also opt to use one of the various $VIX tracking ETFs such as VIXY or VIXM as well as ETNs (VXX, VXN, etc). One could also wait for a solid break below the key 433 support on QQQ for a higher probability entry, although the $VIX would likely be considerable higher if/when that happens.
Here’s a long term daily chart of $VIX (spot VIX index) followed by a zoomed in version with rough targets on both, contingent on getting the potential sell signals I’ve been highlighting for months on QQQ as well as the majority of FKA Mag 7 stocks and top sectors of the S&P 500. No break below QQQ 433 = no major sell signal on the stock market = no significant rally for the $VIX.
VIX daily April 8th
VIX daily 2 April 8th