Spot VIX closed about 4% above the August future. Because the August future represents almost 100% of SVXY's NAV, any upward movement in the spot VIX will be very painful for SVXY. August future down after hours so tomorrow should be interesting.
I'm trying to use vxx to gauge svxy move. I am now looking for 50 on vxx and therefore about 50 on svxy.
I am guessing SVXY hits the low 70s at worst. Fed has expanded the balance sheet way too far to let some geopolitical noise tear is all down.