As is the historical norm, more upside is expected after the VIX completes three consecutive closes below the 78.6% Fib line. That happened Friday, and today we’re looking at our 8th rally out of the last 10 days. How much farther we go is hard to tell… Upside Warning usually fires about midway between the bottom and top of the SPX run, but there are fewer examples to draw from when we are in all-time-high territory.

In other news, of course, we should open with a fifth consecutive day of all-time lows in UVXY and the third consecutive one in VXX.