Volatility is going both ways, up and down, but add it all up and it's down. The charts tell the tale, the bigger trend is lower and the spikes up are beginning to look like bull traps. Lower lows, then lower highs. It's all leading somewhere and the most obvious direction so far is down.
The break of the Dow's price channel shown rising up from the early Feb low will mark the beginning of the next leg down in sync with the price levels listed in Wednesday's update.
The broader NYSE index is showing an almost perfect Fibonacci 61.8% retracement and, notwithstanding today's rally, the beginning of another leg down.
The QQQ (Nasdaq 100) 21 minute chart through mid-day Thursday showing a pronounced down trend from last week's highs. Very short term traders should take a look at the QQQ Apr $170 puts.
The SQ calls are up over $8. If you exited one-half on hitting the $3.30 stop, you're still sitting on a decent trade.