When we see an extreme volume spike form on the following monthly chart of the S&P 500 Futures, it may be close to a bottom/capitulation, particularly if it falls near one of the major support levels, as shown.
Further bottoming clues are described in detail in previous articles pertaining to the SPX and the SPX:VIX Ratio.
Until then, I expect volatility to continue, producing large intraday swings in both directions.
