With another FOMC announcement, the VIX was briefly flash-crashed to 12.80. Despite renewed equity upside in the closing hour, the VIX closed well above the spike low, settling -7.1% @ 14.33. Near term outlook is for the sp'2K threshold.. and that should equate to VIX in the 18/20 zone.
We have a very clear spike floor in the VIX 12.80, which gives some clarity that we're very close to a short term equity peak.
However, sustained action above the key 20 threshold looks difficult.
more later... on the indexes