There area three possible way for SPX to walk - check Blue/Red/Green three way general analysis. IMHO it's going down to retest support $3900, $3940 , and even $3800, $3750 area -- most likely build more consolidation area, then decide to retest $3636, or reach for $4150 -- Follow the wave!
So here is an easy ta for SPX 500 compared with VIX: Last days bulls bounced off from 50 SMA (3206) and now try to break 3240 resistance. So range we moved last weeks is from 3000 as very important support to 3240. I guess next weeks could be important because there bulls and bears will decide, if the double top pattern is finally finished or...
Volatility in either direction is lacking because markets don't know what is fully thrusting them forward right now. Something like the Shanghai Composite is much easier because its more based on speculative appetite than fundamentals. Even if you're a bear though, we have at least about 1 or 1.5 percent more until we hit a level of resistance below the record...