The market got to a point today where it looked over the wall and could not take the plunge one way or the other. The S&P 500 E-mini could not hold onto the highs of the day and the VIX could not hold onto the lows of the day. So, how did it end up, and what did it mean?
As you can see from my illiterate scrawl on the chart, the VIX made a new near term low and promptly decided that was low enough. The rally in the VIX led the market to decline from its peak by about 30 min.