Chicago Board Options Exchange's CBOE Volatility Index (NYSE: VIX) rose sharply on Thursday after U.S. stocks recorded sharp losses during the session.
The Volatility S&P 500 Index (NYSE: VIX) gapped up 5.13% to start the trading day Monday and spiked an additional 3% off the open where it ran into resistance just below the $28 mark.
At 2:30 a.m. ET Thursday morning, bearish volume picked up on the S&P 500 e-mini Futures and by 6:15 a.m., ES1 had fallen over 70 points.
At about the same time the Volatility S&P 500 Index (NYSE: VIX) began to spike and by Thursday morning was trading at over $20.