Volatility trend analyses were carried out by calculating sixty day moving averages of daily SMA volatilities in the given look-back period. The daily SMA volatility has been calculated based on prior sixty return observations. The graphical depiction of the trend line shows the average volatility of the next sixty volatilities at a given point in time. An upward sloping trend line indicates that the average volatilities are increasing, a horizontal line shows stable volatility levels, whereas a down ward sloping trend line shows declining volatilities.