Based on the skew trend which correlates very well with the overall SPX trend and the implied volatility skew vix divergence it appears more selling is at hand. Below are updated charts of both correlations.
The skew continues to trend lower and based on past correlations with SPX it appears equities will continue lower as well.
IV Skew Vix Divergence
Based on the reversal in the divergence it appears the counter trend rally in equities has run its course and is ready to continue lower. With the skew trending down and the vix possibly testing the 48.00 level the divergence should in fact continue trending lower.
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