What, if anything, is SVXY saying about the decline in ES, and SPY?

Cash VIX has popped from yesterday's low at 9.66 to 11.25 this morning.

Let's notice that the ​ProShares Short VIX Short-Term Futures (SVXY) has reversed sharply off of Tuesday's new all-time high at 156.60, and this AM spiked to 148.37 prior to recovering to 151.40 or so.

More important is the damage the weakness has inflicted to the 4 week uptrend, with a violation of 153.50, which now becomes key near-term resistance (up to 155.30) in the event of afternoon recovery strength.

In the absence of a rally above 153.50-155.30, SVXY will remain vulnerable to a press that confronts the prior pullback low at 145.83, which, if violated and sustained, has the potential to trigger a plunge to 134-130 rather quickly.