This could be a problem…

2018 has seen a strange phenomenon of rising VIX and rising stocks (which until the last few days was driven by a panic-buying euphoria in calls – bidding volatility up for upside enthusiasm, not downside protection)

But the last two days have seen VIX spike dramatically as downside protection is suddenly bid…

And that has smashed VIX above its two-year downtrend…

As CitiFX Technicals group warns:

 “We are now closely watching the combined larger double bottom neckline (14.5-14.6%) as a break of this, if seen, would suggest the potential for extended gains towards 20%.”

But it’s not just Equity risk, volatility is spiking in FX and interest rates…