With the main indexes seeing some moderate upside with sp +1% @ 1588, the VIX saw rather consistent weakness across the day, closing -8.2% @ 18.47. VIX is probably gap-filling, and a stronger surge into the mid 20s looks very viable by the Friday close.
Yesterdays black candle on the daily chart was a good warning that today would not be good for the bears.
However, this is probably just a 2 day 'cooling phase' before the next surge higher.
I find it hard to believe sp'1560 is the low of the current equity down cycle, and indeed, I'm seeking at least the 1530s, possibly 1510/00 within the next 3-5 trading days.
Even the sp'1530s should equate to VIX 25/27.
more later..on the indexes