According to @KobeissiLetter, the Volatility Index ($VIX) has not shown clear signs of capitulation, indicating an orderly decline in the market. This suggests that true panic selling has not yet occurred, which is often necessary to identify a market bottom.

According to The Kobeissi Letter, the Volatility Index ($VIX) has not demonstrated any clear signs of capitulation, indicating that the market has not yet reached a bottom. The initial decline and subsequent post-bull trap drop have been described as orderly, with no true panic observed. This suggests that traders should remain cautious as the market stabilizes without the typical signs of capitulation.