It's important to keep in mind that a 15 intraday $VIX is nothing, in the broad scheme of things.
And if it gets above 17, that'll be a fear level that people haven't seen in over a year. Wonder how they'll react?
It's lost the Bollinger mean, so maybe it drops all the way down to 270, to test the SMA(50).
But even if it does that, that only means that some of the January froth will have been worked off.
You'd have to wonder what it would take to drop SPY back down to a MACD of 1 or 2.