I beg to differ. Instead, the weakness can be better explained by market technical conditions. The 5-day correlation between the S&P 500 and VVIX, or the volatility of the VIX, had spiked recently. Past instances have resolved themselves with minor bearish episodes in the last three years.
![](https://1.bp.blogspot.com/-BCCVi5sHO6M/YR1njPCFYJI/AAAAAAAAvXA/AoiigcbRqzokzuT3VA0u7POMPL16uPObQCLcBGAsYHQ/w400-h240/SPX%2Band%2BVVIX.png)
The full post can be found here.