The Brexit blow-off was a bull trap:
Skew / VIX: aka. Reward versus risk
Below we see the S&P black with VIX red. Volume is from the UVXY 2x volatility ETF.
As we see circled, the VIX was bid into June OPEX and Fed meeting, which is highly unusual. Tomorrow is OPEX and next week is September FOMC and again, the VIX is elevated. What I wrote back in June pertains today - the double spiked VIX has taken away Wall Street's hedging opportunity, so any unexpected event such as Brexit, gets sold hard.
Subsequently, the post-Brexit selloff got bought, however, one wonders if another failure at 2120 from the OTHER direction gets bought with the same eagerness...
This is a new chart I created to show buying intensity. My interpretation is that Skynet is getting buried and will likely seek payback off hours. Already two large gaps down since last Friday...
It's the TRIN inverted (invisible) with rate of change :15 minute timescale...