As mentioned, VIX rebounded from significant support in the 12.00/12.50 area. On Friday, the intraday high to low move was about 30%. The close was at the lower half of this range but still positive. The next couple of days will be crucial. Keep in mind that the technical picture of the major US indices is very positive which speaks for further downside for the VIX.
Chart courtesy of StockCharts.com. http://stockcharts.com
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