VX Paths Before FOMC

Looks like we'll have a pretty good setup with VX during or after FOMC. We'll probably get some volatile movements after the minutes release and then more volatility during and after Powell's speech starting 30 minutes later.

VX has been getting crushed all week, back below 16 now. This will be a key watch during the volatility. I could see it spiking up to 16 and failing. If we get an initial sell off, you could look for longs when VX hits 16, stop above. Other scenario is VX doesn't rally at all and goes straight down even more which would spark yet another rally for SPY.

Downside target = ~14.75
First upside target = 16.60

VX below 16 = Bullish SPY
VX above 16 = Bearish SPY