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Its been a good month for stocks, as the S&P is up over 5%, one of the stronger February’s in a long time. As you might suspect if the market is up, the fear index is often down. The VIX index is down almost 35% this month.

The chart above looks at the VIX on a monthly closing basis. As you can see above, the VIX is testing dual monthly support going into the close. For those that shorted fear (owned XIV) it's been a good month.

What happens at this dual support could be very important per where the VIX is a month from now.