Well, maybe I'm just getting overly focused on the smaller cycles, so for this hour...lets just consider the daily 'rainbow' charts.
Indexes are showing a nice turn lower, but the VIX is still effectively flat. Neither indexes nor VIX are yet conclusive changes in trend, via a Green/Red candle.
Sp, daily, rainbow
VIX, daily rainbow
I suppose you could say a nice bearish rollover now is in progress. My primary concern is that the VIX is showing ZERO concern right now.
Bears are going to need VIX into the mid 20s..just to get a decent chance of breaking <1300 later next week.