Today was certainly a rough day for the S&P 500. Like Clockwork it tested the lows from the day before, but managed to hold. With that the VIX exploded higher settling near 19.65. In fact the whole cruve is in backwardation through the August contract. But that doesn't mean there isnt trading opportunity. Take a look at the front of the VIX futures curve.
Looking at the action today the VIX and VIX futures had a decent range, as did the SPX. However, while the SPX threatened its recent lows today, at no point in time did the VIX get close to the highs we saw in the middle of last week. See the SPX vs the VIX below, notice how the highs from today get no where close to what we saw last week, this desptie possibly more uncertainty.