As I mentioned in my post of August 5, volatility ramped up on July 26 and it continues to churn in US markets, as evidenced on the following daily chart of the SPX, as well as the monthly chart of the SPX:VIX ratio.

As President Trump continues to pump out unpredictable tweets like the ones below, volatility will remain elevated in both directions.

Near-term resistance and support levels are 2950 and 2800, respectively, on the SPX.

Major resistance and support levels on the SPX:VIX ratio are 200 and 100, respectively.

Until we see a clear breakout and hold above or below these levels, both price and volatility will continue to churn in a large sideways trendless direction.