VXX is rallying up today and its not over yet

iPath Series B S&P 500 VIX Short-Term Futures ETN (AMEX:VXX)

AMEX:VXX iPath Series B S&P 500 VIX Short-Term Futures ETN

Futures were all red from Sunday evening leading to over a 2% loss across all major indexes. COVID-19 cases are reaching a new all time high, new lockdowns are being enforced worldwide, the stimulus deal has still not been passed and finally elections are next week. All of this is a perfect recipe for high uncertainty. The VIX reached new session highs on Monday but its just getting started for this week. Key metrics to watch are the RSI and MACD which are both reaching overbought levels. VIX will reach its peak for this week once RSI level is above 780 and the MACD stays above 1. This is a good call spread opportunity. Good Luck.

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