In this chart you can see the ATR of VIX on the bottom and when it gets to 2.00 then it has been a decent barometer for a bottom in place for at least a sideways to higher market for a few weeks to a few months.
So, GRANTED, we are close to 2.0 here with a reading of 1.9, but I'm just pointing out this together with the chart I posted the other day which has a link below that I'll add.
There are many ways to parse VIX and even my 5-point rise in VIX on a closing basis has given early signals the last couple of times perhaps because the overall level of the VIX is so much lower than the historical average. Plus, it is nice when a good old reliable indicator decides to take a vacation, because when it comes back and starts working again, most people don't trust it anymore and it works great for awhile.
Tim 2:06PM EST SPY 194.83 last (right at resistance here)