The VIX second contract did not capitulate so far.
It is on cliff though.
Note the divergence between the new tops on sp500 and dax, and the higher low on vix...
The market participants are protecting as new tops are formed and this is preventing the vix from trading closer to the lows...
A full capitulation is still possible if the market decides to become sticky next to the top (but again: i dont think so, whatever this is worth).
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claydoctor
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Each SPY peak has had less volume last few months. The bull conviction is weakening. I think everyone is stuffing their mattresses and individual investors running very scared, hedge funds less volumes also. Way, way too much can happen bad here. But that does not mean it will. we will see.