#VIXIndicator Since we’re in this pullback I looked back at other times we had a signficant pullback (more than 1%) after an Upside Warning fires. The chart below shows all of the instances since 1999.
Two of them resulted in no new highs, and we dropped significantly before the Upside Warning was technically canceled (the two rows with red in the right-most column). The other times all eventually went higher after the dip.
The center columns show the move 1-day, 2-days, etc, after the UpW. The right-hand columns show the number of days from the UpW to the new SPX high, and the percentage move to get there.
Also note that other than one time last April, this hasn’t happened any other time since 2011.
For me, the $VIX seems pretty unmoved by this week’s volatility and I still think we have higher to go before any major pullback.