Here's the position of the VIX as of 7:20 AM pst today on the daily bar chart. The VIX has made a smooth retracement from the upper LR30 channel band to the mean during the last 5 trading days and now looks poised to revisit those levels again.
The lower technical panel contorted by the irrelevant volume bars includes the RSI2 and the Stochastics 10,2,2 indicators.
In past situations where the VIX retreated from the upper channel band to the mean, the VIX was typically well above the MACD zero line when the drop began.
What's different about the current slide it that it began with the VIX only slightly above the MACD zero line and the VIX is now running into extreme oversold -1 levels as supported by the RSI & Stoch near zero levels.
Today's first hour slide has certainly put a damper on Monday's bullish action and this little review of the VIX suggests that more of the same is the likely short term course.
A little good news could, of course, reverse the slide dramatically, so keep a close eye on the 2 & 10 minute NYAD for possible moves in that direction.