#VIXIndicator Since 2000, what happened today has happened 8 times previously: a Downside Warning going into effect after it had been canceled, with no Upside Warning in between. On half of those occasions, the subsequent drop in the SPX was lower than the first warning, and in the other half, it was roughly the same. So in other words, every occurrence resulted in at least a test of the lows, and half of those times we went significantly lower.