This is a tricky one but at a critical spot. The VIX classically needs to be below 26 to sustain a bull market. It's that simple. Now, this doesn't mean that the advance/decline ratio will negate any complacency with over 200b in options contracts traded each day. The guess for me is down from here. This would allow rates to normalize, which until the spx when formulated for inflation and real growth won't happen.
