VX Major Support Test Ahead of CPI

In typical fashion, VX has been getting crushed since the big spike last week, falling nearly $30 from the high in just weeks. However, it is coming into critical support now. I consider this to be critical because it is previous resistance from May and July before finally breaking out above. If bears are going to have any chance to stop this rally, VX can not break support here. It may briefly break and reclaim, but if it sustains below for an extended period it looks like we'll be back to risk on mode for a while.