The S&P 500 has breached the critical 5,380 level, previously identified as a "cautionary" selloff threshold in Thursday's Options Corner. This violation has triggered significant selling pressure. Until the market regains ground above both the 5,380 and 5,450 levels, traders should anticipate continued choppy price action. Kevin Green also points out the historic movement in the VIX today, illustrating the magnitude of the VIX and VIX futures backwardation spread over a 10-year period.