The VIX has been grinding downward for most of September, but it has made another turning just yesterday. How far that will take us is still a guess, but that big open gap may give us a short term resistance price level. Another price level gap is at $23, but we should see several corrections before the VIX ever gets to $23. There is lots of room for the VIX to move up which means there is lots of room for stocks to move down.
Since last week the VIX COT report with commercial traders positions is still on the side of the bulls. It will take a long time for this scenario to reverse, but when it does, then a strong stock counter rally would ensue.