The US equities markets were mostly neutral in trading today. Without any major surprises from comments from the European Central Bank and mostly positive economic data for the United States, it seems clear that the US dollar is set for additional gains against the euro, as the ECB has made it clear that they are not in a position to match the pace of interest rate hikes that is currently being projected by the FOMC. As such, the dollar was up over 1.20% today in midday trading. Meanwhile, the VIX sunk below 12.00 again as perceived market downside risk has diminished. However, it seems clear to me that volatility is likely to spike in the short term as there aren’t enough major bullish developments that are likely to propel the US equities markets higher from where they are now, at least for the time being. Here’s what to expect.