Relation of VXV ( CBOE S&P500 3-M Volatlity) and VIX ( CBOE Volatlity) - candle chart - gives us information about the VIX term structure (VXV/VIX>1 => contango, VXV/VIX<1 backwardation). The lower the number, the higher the possibility of correction within 3Mo (by exhausting) according to the option community. The blue and green lines are the MA(50) and MA(20) respectively.
S&P500 achieved new hihgs by the begin of April (see interrupted blue line on the top of S&P500 ) while both MA's ware falling.
The , built on the VXV/VIX, shows divergence also. This is very far from the underlying market and wouldn't have any relevance alone. A reinforcing/confirming supplement to the other signs.