One notable bit of action is that Wednesday marked the 7th day in a row that the VIX has risen. That is a very unusual streak. I decided to look back at all other times the VIX had risen for 7 days in a row while SPY was above its 200ma. Below are results of SPY assuming a 3-day holding period.
Instances are low, but so far the returns are overwhelmingly bullish. Very little drawdown compared to both the run-up and the average trade. This appears to be worth some consideration.