The VIX has spiked today on Bank woes, however, the index is approaching the overbought region on the RSI.

The VIX continues to spike on bank woes. Resistance above sits at 28.00 followed by 29.00. Further upside sees the VIX heading for 32 regions. If CPI comes out hot tomorrow, then 30s can be on the cards. Towards the downside, support sits at 24.

comment - usually when the VIX spikes it's due to volatility and when the issues in question are resolved, or look like they're getting resolved then the VIX cools off and drops. Given SVB issues and CPI print, this week will see major volatility, RSI is heading towards overbought conditions on the daily timeframe