As the VIX plunges to a multi year low, just a month removed from a banking crisis, the stock market is mired in a rather tight range.
I still think it breaks out, with the SPY 418 level in focus on a break.
The IHS pattern still intact
We are seeing the VIX grind lower. Prices tighten. The conditions are ripe for a move higher in the face of continued bearishness. Especially if bonds rally, which would help the balance sheets of those regional banks.