The spike (so far) is not as high as I had anticipated given the severity of things like the Oil prices and collapse of the Bank Index, but the market will move according to what it does and not what analysis or I think. That's why we must always trade what we see in the price action and not what we think will happen.
If the VIX stays below 25 there is a good chance of a sustained bounce here. For the SPX my first target with be the 200MA on the Daily Chart which would be about 1320.
VIX Daily Chart:
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