With spiking above 13, US equity markets appear to be suddenly waking up to the potential that The Fed’s constant stream of positivity was smoke and mirrors all along and a September full of massive event risk probably doesn’t warrant buying the record high…

As VIX breaks out…

S&P 500 is tumbling towards its 50-day moving average…

And Small Caps have plunged through the 50- and 100-day moving averages….