S&P 500 and 3-Month VIX Relative to VIX (VIX3M/VIX)

The 3-month VIX relative to VIX (VIX3M/VIX) shows a bullish divergence, which tends to be a bullish signal for the S&P 500.

Image: BofA Global Research

S&P 500 and 3-Month VIX Relative to VIX (VIX3M/VIX)