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The VIX remains below support from its rising 63-day average and 61.8% retracement of its 2020 rally and it is expected to weaken further, according to analysts at Credit Suisse.

Key quotes

“We look for further weakness with next key support seen at 27.27/23.22 – the ‘neckline’ to the 2019/2020 base, 78.6% retracement of the Q1 rally, and the 200-day average. We look for a fresh floor here.” 

“Back above 47.77 would see the risk turn higher again, with resistance then seen at 69/70.”