It was notable today that despite the sp-42pts in the afternoon, the VIX only showed relatively moderate gains (intra high 22.19), settling +10.0% @ 21.98. Near term outlook offers threat of 23/24s - along with sp'1890/80s, before renewed equity upside next week to the sp'1970s, which should equate to VIX 18/17s.
Suffce to add, lower VIX levels look due into next week, before the equity bears have any realistic hope of sustained downside.
If we see the sp'1970s, that should equate to VIX 18/17s.. whether late next week, or in opex week.
more later... on the indexes