Agreed
If you compare the ratios of the ndx/vxn and the spx/vix, they both are much higher than in December 2002, but the SPX/VIX has not approached the level reached at the peak in March 2002, where the NDX/VXN ratio is close to the March 2002 level
NDX/VXN stockcharts.com[r,a]dbclynay[de][pb50!b200][iUb14!Lp14,3,3!La12,26,9!Ll14]&pref=G
SPX/VIX stockcharts.com[r,a]dbclynay[de][pb50!b200][iUb14!Lp14,3,3!La12,26,9!Ll14]&pref=G
The question then becomes "does this mean that the NDX is going to get a bigger correction?" |