In many of our nightly updates we talk about the inverse relationship between the VXX, an ETF proxy for the Volatility Index and the market proxy SPY. A divergent MACD up or down in either frequently coincide with the opposite divergence in the other. As you can see from this overlay chart, the two ticker do indeed inverse each other.
The hourly chart of SPY is overlaid with the hourly chart of VXX, notice the double top in VXX at the same time as the double bottom in SPY
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