The Qs continue to falter, dropping through support at 46, closing on the low and now headed to the 200 DSMA at 45.30 on increasing volume unless we get a breather here soon.The story, of course, is the VIX, now at a 4 year high after hitting a stunning 31.76 today and then pulling back just a tad for the close. The weekly VIX chart is attached just to show how some of these parabolic short term VIX doubles have resolved in the past (May 06, March 07) although the current MACD readings suggest this is something different as the VIX remains only modestly overbought.
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