Recent VIX pullback suggests further upside for S&P 500 Index

Recent VIX pullback suggests further upside for S&P 500 Index. We note that the VIX has just posted a solid 5-day decline of more than -20% with its closing level of 13.25 being below the lower quartile of all VIX daily closing prices since 1990. This recent VIX weakness was accompanied with a robust 5-day advance for the S&P 500 of just over 3%. Similar market setups have historically coincided with further S&P 500 gains. Since 1990, a 5-day fall in the VIX of more than -20%, with a VIX closing level below 15, & a concurrent 5-day S&P 500 increase of 2.5% plus, produced an average 10-day return of 0.94% for the S&P 500 Index with a strong win rate of 16 from 18. Full data analysis & tables can be viewed at (VIEW LINK)