Every time the ROC of the S&P 500 volatility peaked to over 40-50, there has been a bounce in the S&P500. If this is an episodic and no trending volatility spike then as soon as it starts to drop during the session makes the probability higher for a bounce in S&P 500. Watch for the volatility today to give a clue about what may happen. the 30 min ES chart has a bullish MACD cross.