Snapshot of FVE Indicators & More.

- As expected, volatility rose at a quicker pace the past two days.  Both VIX & VIX April Futures have risen above FVE & FVE Futures indicators, respectively.  This is very common and as you can see from the second chart, VIX Front-month Futures can easily go greater than 10% above FVE Futures indicator.

- Still, I wouldn't be surprised if volatility stops for a moment to catch its breath--considering short-term channel trendlines on both VIX Futures and SPY.

- Admittedly, the technical picture in SPY looks mixed.  In the short-term, SPY has approached what looks like a significant support range 134.3 - 135.7.  However, when we look at the longer-term channel lines, SPY seems vulnerable to much further decline, technically speaking.