With the indexes seeing a mini closing hour ramp, the VIX failed to hold flat, and slipped 3.9%, to settle @ 16.34
The closing hour was obviously a major disappointment for the bears, and we are right back to levels from last Thursday.
As noted, bears will need a daily VIX close >17.50 to have any confidence in the immediate term, and today's fail..is a bad sign. It certainly doesn't mean we can't snap higher in the latter part of the week, but the probability has now likely dropped to 'low'.
What is also clear, the closer we get to Christmas day, the chance of a brief VIX snap higher gets increasingly smaller.
More later..on the indexes.