The SPX closed at the cliffs edge of 1225 today. Note on the 2 Year Daily Chart that there is no prior price action below the 1220 level until you go back to October of 2005. That means that if the index breaks below the 1220 level there is the possibility and probability of some panic selling.
VIX is creeping up and closed at 28.48 today. 35 is not that far away anymore.
(note: we were at a 16 VIX in April)On the bright side, the bigger the fall the bigger the bounce.
Take risks, avoid danger - trade smart out there.
SPX 2 Year Daily Chart:
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