VIX Back Below 20

Many traders were looking for a big spike in the VIX volatility index above 30 before calling a short-term bottom recently. While the VIX did spike, it didn't quite get above 30 during the mid-July lows. Now that we've come off of those lows, the VIX has moved back below 20. Interestingly, even though the S&P 500 is just about where it was in mid-March, the VIX is dramatically lower, indicating much less fear in the market now versus then. For those looking for a low point in the VIX to call a short-term top in the market, just above the 16 level has been a point in this market where the S&P has reversed course and headed lower.