The big open gap has been closed off and the VIX continues to head back down. We could end up with a big double bottom and a H&S type of a setup.
In the next two weeks we could run into some volatility with the 1987 stock market crash anniversary date next week. Most trading was done in the pits at that time and the system got overwhelmed with sell orders. There are many more safeguards in the markets today, where they will halt trading first.
The VIX does not have to create a new record low, but we can’t rule out anything in the short term.