The S&P 500 is showing clear signs of exhaustion with its double top and desperation to sell down any bad news. I have opened a sell at 2940 and expect a long fall over the next 3 months. (anything can happen in October!).
I have noticed what appears to be a double top on the VIX. The previous peak stopped just below 25. Now it appears to have peaked just under 21. I would be concerned about that possible double top formation, if I wanted to buy long puts. The bearish case would prevail, if that goes soaring past 21 and also, the previous high of 25. If it doesn't, the bullish case would prevail, at least for the time being. October can be a bad month but many turn out just fine.