US markets following in the footsetps of Europe which has the DAX down over 2%, but off of its lows going into the close. Backwardation on VIX Futures term structure has increased to 4.70% midday with VVIX breaking through 120 but currently around 118. The VIX is holding steady in the 22 range presently. End of day could exacerbate the market declines as SPX 2,700 is the big whole number of the day to hold or break.