The Volatility Index (VX) surged to the downside channel resistance line on the daily chart yesterday and is consolidating today.After falling below the key integer psychological level of 20 in late April and forming a new 2023 low, the VIX is now back above the 20 line, and the VIX is now forming a long green candle on a weekly chart, halting a six-week downward trend since the 2023 high.The probability of the VIX retesting the key integer psychological level 25 in mid-May is moderate and growing.Investors should keep an eye on average hourly earnings at 8:30 a.m. Et today, and market volatility following the release of the April nonfarm payrolls and unemployment rate data.Congratulations to the subscribers who read and profited from my warning on March 17, 2020, the day before the front-month VIX futures contract reached its high, I warned of an impending decline in VIX futures and the increasing likelihood of a VIX rebound on November 30, 2021 and January 18, 2022.The Relative Strength Index (RSI), Stochastics and MACD on the weekly and daily charts are all at the bottom or consolidating recent gains.I will go long on the green area on the daily chart and aim for the red area next Thursday.If I am a volatility trader, the amber/yellow area is where I set my stop (although I rarely hold overnight positions in my personal account, I set the stop range narrower).