Typically, when the SPX makes a significant top it occurs with a rising VIX. This happened at the SPX early 2022 top. The VIX made a primary bottom more than a month before the SPX ultimate top. When the SPX made its final high on 01/04/22, the VIX made a higher bottom. This is a subtle sign of increased bearish sentiment. The VIX rises when there’s relatively more Put option buying.
The SPX final top in 2022 came 41 – trading days after the VIX primary bottom. The 02/02/24 SPX new all-time high came 35 – trading days after the VIX primary bottom.