From a big-picture VIX perspective, the price structure is pressing toward a test of its year-long support line -- in the vicinity of 12.75 -- while at the same time, SPX is pushing up toward a confrontation with every prior high since May 2015, between 2120 and 2134.72.
Friday's mid-day high was 2120.08, which corresponded to an intra-day VIX low at 13.38.
If SPX is destined to break out to the upside and enter a new upleg in the post-2009 Bull Market, then cash VIX should violate support between 12.75 and 10.88 before pressing on to unprecedented levels -- perhaps into single digits -- furthering the perception that there is nearly no risk to buying and holding the SPX atop a 220% rise since March 2009.
Conversely, if SPX climbs to new all-time highs, but the cash VIX fails to break the above-mentioned support zone, then VIX will be warning of an increased risk to buying and holding the SPX.