VIX off the boil but can it spike again? - Dow Jones front and centre if it does

Now before anyone starts to question why the VIX (volatility index) matters for the Dow Jones because it more closely tracks the S+P 500, given the current nature of the markets we are going to overlook that and besides a previous update already covered that index. So, on Monday the VIX spiked to its third ever highest peak, when it rose to 65.73. It has backed off from there since then, thanks to the more moderate price action across the entire equity market space since then. So, the VIX has dropped back to around 25 and it is currently trading at around 27.85 this morning. In real terms that is elevated and the key for the Dow Jones and other US stock markets from here on  depends on where this index heads to next. The Dow lifted to a high yesterday at 39,477, but remained well short of even thinking about reclaiming the 40k handle. The high seen was set at 39,477 and it later handed back more than 700 points, when it fell to a low at 38,731. The index closed at 38,763, with a loss of 234 points. There is going to be a detailed technical outlook on this one later today, but for now the Dow Jones is priced to open a little lower. Of course we know that is going to change many times before the index reopens