The ratio of the SPX to the 10-year Treasury volatility (SPX:10y T volatility) demonstrates a pattern where down-spikes correspond to local minima in the S&P 500 (vertical blue dotted-lines).
The chart below (click to enlarge) shows that the down-spike in the ratio has reached the up-sloping trend-line. This increases the chances of a bounce in the SPX.
The chart below (click to enlarge) shows that the down-spike in the ratio has reached the up-sloping trend-line. This increases the chances of a bounce in the SPX.