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Hickey and Walters (Bespoke) submit: One indicator showing positive signals was the ten-day rate of change [ROC] in the VIX index. As of Thursday's close, it was two standard deviations above its average since 2002.

In the price chart below of the S&P 500, we noted each occurrence where the 10-day ROC in the VIX traded two standard deviations above average. As the results show, market performance going forward has generally been positive.

VIX 10-day rate of change

results