VIX (VX) Retests Weekly Chart Downchannel Support

The VIX (VX) is trying to firm as it approaches its November and 2021 low. Significantly, the VX is testing downchannel support (on the weekly chart), increasing the odds of halting a 6 week slide this week. A bullish daily close above downtrend resistance (on the daily chart) could occur as early as today following the 830am EST US Retail Sales data. Except for the weekly MACD which doesn’t appear reliable for interpretation given its short data history, the weekly, daily and 4hr RSI, Stochastics and MACD are sloping slightly down or making early efforts at bottoming. I am long as of today at 19.9, although if I were flat, I’d look at entering long in the green zone (of the daily chart), targeting the red zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).