With the main indexes seeing continued weakness, volatility continues to broadly increase from the late Sept' low - of the 12s. The VIX closed +4.8% @ 20.34 - the highest daily close since late June. Next key target is the 23 spike high of Dec'2012, and then the June 2012 high of 27.
So..the equity bears have managed their first daily VIX close in the 20s since June. That is kinda impressive, but what will be impressive is if the weekly VIX close is in the 20s. We've not seen a weekly VIX close in the 20s since Dec'2012, and that situation was slightly affected by the holiday/end year issues.
What would be real interesting is if the market really gets rattled, with a break <sp'1627, and that might be enough to at least get the VIX into the mid 20s. The 2012 high of VIX 27 will be tough to break.
Just reflect on the fact that when VIX was 27 - in June 2012, the sp' was...1266.
more later..on the indexes