Despite S&P 500’s Worst Day in 2 Years, VIX Doesn’t Signal Capitulation

The unexpectedly robust US CPI reading this past session triggered the biggest plunge from the S&P 500 in over two years while the Dollar rallied right back towards its extreme highs. While the data was a surprise, this move speaks more to the market’s bias. Further, VIX says the point of capitulation isn’t close.