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Here's a key trendline to watch in the months ahead. The green trendline shown originates from the SPX top in 1987. The overthrow of this line gave us the bubble of the late 90s. The 2000-2002 rececession found support at this line, the last three major spikes in the VIX all were found at breaks of this line in 2008, 2010, and 2011. The Nov 2012 bottom was a convergence of this trendline and others coupled with the start of QE3. A break of this line in the months ahead should also show a major spike in volatility.