VIX: What's in Store?

The VIX daily chart is showing us a higher high and with today's trading action confirmed a higher low. Since this is a contrarian indicator this is showing us to be aware that the markets could head lower.

The VIX closed today at 22.24 today and upside resistance seems to be in the 24.50 area which was hit last week. If it continues moving up the next level of resistance would be around 26.50. If we hit 26.50 it would mean the market is likely retesting the March lows.

Looking at the charts that seems to be the bias unless the bulls can pull out a miracle in the next few weeks.

VIX Daily Charts: