The Mother of Volatility (VVIX)

VVIX is the mother of volatility. It's already elevated, the initial shock and awe stage is done. SPX has to go down from here (which equates to more shock, awe and disbelief) for VVIX to rise substantially and for VIX futures & VIX options to behave accordingly.

Expecting a pullback (similar to my last VIX chart) before rocketing much higher (March levels).

Keep in mind that the VIX futures curve shifted downwards yesterday while still maintaining backwardation (that's why UVXY was down so much). Historical volatility is 18, now it's 38. If SPX rises, this will trigger the long vol guys who didn't position long vol.