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With the SPX failing to find support at 850 and financials falling another 6% this morning, the VIX has spiked all the way to 51.03, up 17.9% so far today and up 32.3% from just six sessions ago.

Since the large gap down at the open, today’s action has been more of a slow grind than a sharp panic, suggesting that there could be a fair distance still to the down side. SPX support may come in the 820-830 range, but if those levels fail to hold, the possibility of a drop back down to 740 suddenly looms large.

[source:  BigCharts]