The $VIX closed below 15.80 today, which is the 78.6 retracement level for the 12/14 peak. Three consecutive closes below 15.80 will nullify the recent Downside Warnings and fire an Upside Warning. It’s entirely possible this will happen in the coming days since we are in low volume vacation mode. Although the upside signal does not always mean a huge rally, it almost always has indicated the cessation of volatility since the year 2000.