My risk index includes a variety of assets that tend to function as risk off's when thing get volatile. More recently that has been the Yen, bonds of course, and the Vix. Further we can see how they relate in trend to the equity market.
In 2015 we saw the large drawdown in US markets and the Vix spiked to 40. What alerted me at the time in advance was that the Yen was showing strength and looked like it could reverse. Sure enough it did.
What is of interest to me right now is as far as the risk index goes, we are already seeing bonds and gold get going, this time with the Yen lagging but still showing strength. Further we can see the Vix is holding 11, level that is showing some forms of support at and worthy of watching.