The picture below is a close up of a fly with dew on it in the mornings, by Ondrej Pakan Speaking of a close up view, the VIX is attempting to break support and the 500 is attempting to break resistance in the chart below.
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The VIX has increased 50% in value while the 500 index has declined 7%. On a micro/short-term basis did fear levels get a little extended?
The vix is following the vstoxx
it will catch up soon