VIX Volatility Blowout In One Chart

Markets have begun to rebound off their lows of the morning. The S&P 500, Dow Jones Industrial Average and the Nasdaq 100 futures all tripped circuit breakers as trading opened Monday. The VIX volatility index skyrockets nearly 70% (h/t @NoAlpha_AllBeta):

The chart above is the term structure for the VIX.