Fear gauge breakdown means stocks are set to break out, says top chart analyst Katie Stockton

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Fairlead Strategies' Katie Stockton says the CBOE Volatility index hitting multi-year lows indicates the market will have a break out moment this year.

Stocks could see solid gains in the near future as Wall Street's so-called fear gauge falls, according to Katie Stockton, founder and manager of Fairlead Strategies. The CBOE Volatility Index , or VIX, fell last week to its lowest level since November 2021. The VIX is widely looked at by investors as a gauge of uncertainty in the market. It uses S & P 500 stock index options prices to measure the market's expectations of near-term volatility.

VIX YTD mountain CBOE Volatility Index has reached multi-year lows in April 2023 The chart analyst noted, however, that she expects some weakness in near term before the breakout occurs. However, she noted that the Moving Average Convergence/Divergence Indicator, or the MACD indicator, has also turned down lately, giving hope for an upturn later in the year. "The daily MACD indicator [has] been one of the best market timing devices over the past year or so.

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