Going back the past three months the area surrounding 16.40 has no doubt offered a great deal of support/resistance.
Now again, just a little over two days since the VIX was over 26, it is now testing that 16.40 area again. Granted it is trading below the support level now, but I think of bigger consequence is where it closes the day. We are coming up on a holiday weekend, the S&P 500 is up 100 points off of the Brexit lows, so there is a good chance that running into the close there could be enough profit taking that could send the VIX back up above support to close the day.
Which in turn would create a nice show down heading into July.
