let's ignore the fact that VIX is at 40, the level that is seldom reached. focus only on Fri changes: SPY -1.5%, VIX +25%. This is a major dislocation, especially considering the extreme VIX level before this last jump. This level of fear jump would have been relevant if SPY dropped 5-10% on Fri. The fear may be due to the weekend anxiety. I am guessing whatever the news over the weekend it will be much more benign than what market is expecting. Therefore, it is very reasonable to expect the coming week to be green.