What is the VIX Saying, If Anything?

If there is a "fly in the ointment" that creates suspicion about additional, sustainable strength in the S&P 500 Index (SPX) this afternoon, it comes from the Volatility S&P 500 (VIX), which stopped declining about 3 hours ago, while the SPX has continued to claw its way higher.

Could it be that the VIX has completed its downleg from the Oct 9 high at 21.34 to this morning's low at 12.34 (a plunge of 42%!)?

It is peculiar on a Friday afternoon ahead of a weekend to see the VIX stable-to-rising while the SPX marches to new all-time highs.

All I can say is that the VIX is behaving as though it is exhausted on the downside for now.

Does that mean that the SPX is at or nearing exhaustion on the upside? Could be, but so far the SPX shows no signs of cracking.