A Tweet from Tracy Alloway with Bloomberg caught my eye this morning (https://twitter.com/tracyalloway/status/745855941619384321). She points out that the one-month VIX just tipped over the VXV . While this has happened many times in the past, I did notice that there is a rather large divergence between the VXV/VIX ratio and the SPX right now. The chart says it all folks. This certainly doesn't guarantee a sharp decline in markets, but this is definitely something to watch for today and tomorrow.