I’m sure you get almost as tired reading it as I do writing it. SPX will make new highs today on yet another crash in VIX. The latest came courtesy of a rising channel (below, in purple) which has ever-so-conveniently broken down. The algos are feasting on its remains.
When the channel broke down the first time on the 31st, SPX was able to break out of its falling channel. When it broke down again (16.6% off Friday’s highs) yesterday, SPX was able to come within pennies of its former highs.
Today’s 2-3% additional decline in VIX should be enough to establish new highs. 
While hardly a new development, one has to wonder: just how long can this go on?
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