The Momentum indicator on the SPX:VIX ratio is at a new life-time high and it's going parabolic, as shown on the Monthly chart below.
 

There are three gaps up yet to be filled on the following 60-day 60-minute chart of the SPX:VIX ratio. This ratio doesn't like to leave gaps unfilled on this timeframe.

We may soon see a retest of the June 27th lows...a break and hold below the 150 Bull/Bear line-in-the-sand level would do it.