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After SPX’s break out on the back of a 37% plunge in VIX, it’s no surprise that the VIX has kept it within striking distance of new all-time highs.
In dropping that 37%, VIX completed a deep retracement of its rise from 9.97 — the lowest it’s been since 2007 — to 16.28. 
The .886 retracement is considered the last stop before prices drop through the previous lows. Imagine: risk being considered lower than at any time since 2007!
Yesterday, VIX spent the entire day dancing around that .886, with a dip below it every single time SPX started slipping. The message to algos was that VIX was about to drop to new lows and, therefore, stocks should be bought.
It was enough to keep SPX from completing a simple retracement from its .886 to its .786, or any meaningful dip until the final minutes of an otherwise nonsensical session.
Today’s a new day, as CL is closing in on our 48.35-48.45 target and investors are no doubt anxious to express their disappointment with the lack of details provided for the fantastic, big-league tax cuts “revealed” yesterday.
Despite the slight bump in futures overnight, our downside targets remain intact – starting with 2384.
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