I last wrote about the comparison of three Major Indices with their Volatility Index counterparts on January 4th. While that post looked at a longer time period and mentioned major support and resistance levels, I'll provide an update for the shorter term.
As shown on the 1-Year Daily ratio chart below of the SPX:VIX, price closed on Friday at new highs. The Momentum indicator is still rising, but is approaching overbought territory — cautioning that we may see a minor pullback in the near future, although there is no negative divergence. If we do see a minor drop, followed by a higher swing high in price on negative Momentum divergence, we may then see a larger pullback — if not, then I'd look for a further rally in the SPX.