With the indexes closing a little higher, the VIX closed naturally..a little lower. What will be crucial tomorrow, is if the VIX can put in a higher low, whilst the indexes spike briefly to new highs, but then sharply reverse.
The VIX is back in the 15s, but we're comfortably well above the Monday low of 14.00.
One very important thing the bears should be seeking tomorrow - on a Fed day no less, is a higher low on the VIX hourly cycle, with the indexes putting in brief higher highs..before a sharp reversal.
If that is the case, the bears have a really good chance of at least getting back to the 1400 level, a break of that opens up the first challenge to the key channel/trend line of sp'1375.