Only with a move over VIX'20, can the bears start to look for significantly more 'interesting' things.
VIX'60min
VIX, daily
VIX, weekly
Summary
Many will be somewhat bemused at the VIX closing red, even though the indexes were pretty weak today. I'm not surprised though, there is still a bizarre lack of fear in this market, and I'm not entirely sure what might be necessary to get the VIX back into the 30s/40s - as I still expect.
As based from the weekly chart, I continue to look for a VIX explosion into the mid 30s within the next 3-5 weeks.
However, in teh immediate 3-5 day term, VIX could easily slip back into the 16s, not least if the indexes claw their way to around sp'1375/90.