Fear Is Back at Resistance 🌤️ The Morning Print
Good morning!
The Nasdaq Volatility Index has reached an important inflection point.
Let's take a look.
June has already produced two of the Nasdaq's worst daily declines of the year, highlighting just how turbulent the month has been.
Seasonally, the final two weeks of June also rank among the weakest two-week periods of the calendar year.
Against that backdrop, the Nasdaq Volatility Index has climbed back to an area that has repeatedly capped advances over the past year.
From here, I see two potential outcomes.
The first is that volatility stalls at resistance and begins to roll over, allowing the Nasdaq to regain its footing.
The alternative is a decisive breakout above these prior peaks, which would likely be the largest volatility spike since last year's tariff-driven selloff, if not something even more severe.
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