Fear in the markets coming.

Despite SPY entering firm bear market territory we still haven't seen any real explosive moves from VIX.

The higher lows and compression into horizontal resistance is screaming to me that something bad is about to happen.

Plenty more rate hikes are coming our way and objectively, the fed is not on bulls side right now.

This could get more ugly before it gets better.

Comment:

If this was a stock chart, I'd long it. It just looks like accumulation.