Currently, Spot VIX is priced at 31.81 as you can see from the above graph, as of close today. August VIX contracts are trading at 31.45, understandably so! August VIX expires on 08/17 morning. You can clearly see there is a ~ 5 difference between August VIX (Q1) and September VIX (labeled Q2). Spot VIX will be closer to the current month contracts and the market will be trading September VIX contracts from 08/17 as Spot VIX. Because of the difference in 2 contracts, VIX moves here can be quite volatile. Either the August contracts have to trade below to take the price closer to September contracts or Sept. contracts will move closer to Aug. contract. VIX momentum for the last 3 days has been to the downside.