VXX came down to within a hair of a key support at 11.27 on Wednesday, but if it fails, the next leg down could see VXX plunge to 10.24 in search of a durable bottom. That would be an enormous move percentage-wise, especially with VXX, a betting vehicle for short-term S&P volatility, already trading at record lows. Were the 10.24 target to be reached, the inescapable conclusion is that the S&P 500 and other broad averages would be trading at much higher levels. ________ UPDATE (Jul 21, 12:35 a.m. EDT): Sellers once again turned chicken, failing to seize the advantage after putting bulls on their heels in the early going.  Friday would be the right day for them to try again, but don’t expect any miracles.