VIX May Be Unfinished On The Upside

Cash VIX-- I don't know about you, but I was a bit surprised this morning that VIX is holding up so well. The near 62% recovery rally in ES belies the buoyancy of the VIX, no? Shouldn't the VIX have plunged or relinquished a big portion of yesterday's up-spike if today's rally in ES indicates that Wed.'s plunge was a 1-Day Wonder? 

To my mind, unless there is a "game-changing" bullish SPX (ES) catalyst (tomorrow's PCE Inflation report comes in lower than expected, for instance), I am thinking that the behavior of the VIX is telling us it has unfinished business on the upside, to 15-16 next, which likely means that SPX (ES) is vulnerable to a retest of yesterday's lows... Last in VIX is 13.80 

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