Markets stumbling today is prelude to a vix and SPY breakout

TVC:VIX   Volatility S&P 500 Index
The VIX dropping below 20 for the first time in over a year would be hugely significant, and most likely cause a breakout in SPY towards 400.

It's currently hugging that level in anticipation of the FOMC meeting tomorrow which could well be the catalyst that pushes up over the edge.