The input into the vix formula is the IV on the SPX options. The IV is importantly influence by our fear for the downside.

Since we have more or less an flat VIX - this means more or less put buy and selling is in balance.

AUG SPX contracts are not in the VIX anymore we moved to the SPX SEPT contracts.

You can currently sell the Sept put vertical 1055/1045 for $1.55. That is $155 profit for $845 risk.

We can only conclude that big parties don't like that risk for now. Otherwise orders would come in and the balance between put buy and sell would flip and the IV and in effect the VIX would come down.

Nothing has happened till 3pm EST which has hampered my earlier voiced optimism. I am making some small trades which will profit from a downtrend in the vix.

Ernst