S&P + VIX @ Significant Market Levels

FX:SPX500   S&P 500 Index
418 1 3
(try this again - with both charts)
Both the S&P             and VIX             have reached significant support / resistance zones.
The zone on the VIX             can be seen to go back for a while; as well as holding the market more recently (2013 +)
We can see that this currently corresponds with a significant market s/r on the S&P             .
The VIX             suggests that the current drop from the market may end soon.... or else the VIX             is going to need to break its long term resistance.
If the current s/r's fail, we can see the next likely market levels to take note of.
Short term you may be right, mkts can pop up again a bit, as they have become really oversold. It is touching 200 day MA, horizontal support, weekly lower Bollinger band, and also some breath indicators have reached short term extreme levels. If they don't pull back, then we will see a major selloff immediately and vix will break a lot higher. If we will be right and stock indexes go higher a bit from these key levels, still don't get confused, these mkts are broken now, and are likely to stay bearish for a while even if they do not collapse right now. So if SP500 goes back to 1950-55, use that to build a strategic short as finally I think these horizontal supports will be attacked. BTW if SP500 manages to climb back to that key 1950-55, and turns down later from there, then it will form a perfect Head and Shoulders on the daily chart. That has been a classic and reliable reversal pattern in the past few times.
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