Yes, I’ve also noticed the muted response to the post-employment report selloff in the $VIX so far today. My best guess is that this market dumps into the close today (will take out this morning’s lows this afternoon) with follow-through selling next week, most likely kicking off with a gap down on Monday & this positive divergence on the $VIX starting to play out with a move up to my target zone, 22.50ish area).

For bear case it would be ideal if markets rolled over and SPY closed below 209 area.

Good luck to all.

Anytime jacant. Every time I look at those two charts side by side ($SPX & $NDX), what stands out to me is how much the (former) leading index, the NDX, has been lagging on the both of the two rallies since the market topped back in 2015. The $NDX didn’t just lag behind on the rally off the early Feb ’16 lows but also note how badly it has lagged behind the $SPX on the rally off the May 19th lows as well… not a healthy sign for the stock market IMO.