The SPX:VIX ratio changed quickly, dropping from 43 a day ago to now losing the critical 35 level. Current print is 34.53. If the ratio stays under 35 today, the markets will sell off large.
Note Added 10/18/11 at 12:00 PM: The SPX:VIX ratio regained the 35 level at 10:23 AM negating the large sell off day. The ratio has not looked back, now printing near 38. Market bears have no mojo unless they can make the 35 level fail. The fall under 35 was only an half-hour event this morning, and now, the bulls are comfortably back in control. Keep watching 35.
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