Gap and Kansas with Dust in the Wind

The intraday chart of the SPY, below, shows a gap up and subsequent sideways base which looks flatter than Kansas. 

Headed into the heart of the afternoon of trading, I am looking to see if the VIX continues to drop lower, as it did all morning. If bears are going to make a move in stocks, then seeing VXX and the like firm up is probably going to be a sign. In addition, TLT has not fallen apart the way one would think with the rally in stocks. 

The weakness in GS and banks is being referenced today, but so far that has not been enough to drag the tape down. 

In essence, the critical issue here is whether bears are being slowly squeezed before some panicky ones begin to cover and create a more energetic squeeze above 1950 on the S&P 500 cash index. 

Also note the continued overall resilience in the precious metals miners. We have been trading around them, taking off a NEM long earlier with a bunch of miners reporting earnings this week again. However, the DUST holders must be a bit frustrated given the pre-market carnage in the miners, and yet many of them ripped back to green. 

I am opportunistically looking to get back in on the long side.