Moreover, the VIX index was down 9% today, which is a huge decline, considering the bearish days on Thursday and Friday in the stock market.
The first resistance for the index seems to be in the 3,430 USD region and if this level is broken to the upside, a further rally to 3,485 USD could occur.
Alternatively, if bears reappear and the index will start declining again, the supports could be located at today's lows of 3,385 USD and afterward at Friday's lows 3,350 USD.
It looks like an inside day, which is usually a reversal pattern, meaning it could help bulls push the market higher. However, the US exchanges are closed today due to the Labor Day holiday, thus liquidity and volatility will be lower during the US session.
