S&P 500 Collapses, VIX Posts 2nd Biggest Surge in Over 10 Yrs E-Mini S&P 500 CME_MINI:ES1! JohnKicklighter Utter capitulation. Few other terms can better describe the market currently. In a market that has grown so thin, dependent on perceived central bank support and has supported exceptional excess; a meaningful selling event would be akin to striking a match while neck deep in gasoline.