As you can see the VIX and both the Jan & Feb futures are trading below the 50 DMA and well below realized 30 day vol. While I do not use 50 day moving averages for anything other than painting a behavioral picture of how the masses could react, these lines have relevance on days like today.
The VIX is currently down -3% at 58.23. It could go a lot lower and, as a result, US equities higher. I have an immediate term “Trade” target for the VIX of 52.79 – that’s another -9% from here. There’s huge support for the positive intermediate “Trend” in volatility down at 47.52.