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Failed Breakouts Warn Of Bear Market Ahead

In the 2011 and 2015 episodes, even though the VIX peaked in August the S&P 500 did not start rallying sustainably until December 2011 and January 2016.

In the 2018 and 2022 episodes, the VIX spiked in January. However, share prices declined in the remainder of the year.

The point is that even though the VIX stabilized after the initial spike, share prices continued to experience a downdraft.