The SPX:VIX ratio lost the 68 level at the open. This spells big trouble for markets. If the ratio remains under 68 today, then the selling is real and will continue, and today a 100 to 300 down move in the Dow would be expected. If the ratio moves back above 68, then the bulls are wrestling back control and a sustained down move will be negated.
Current price is 66.71, only one point below 68 but below nonetheless. Watch it closely today. Now 67.12, only 88 cents below. Keep an eye on it.
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