The CBOE Volatility index recently hit its highest level of the year, just above 16, as global geopolitical concerns pressure the markets, sending the S&P 500 sliding modestly toward the end of last week. This may signal a prime buying opportunity, according to Oppenheimer's head of technical analysis, Ari Wald, who points to an intriguing relationship between the market's moves and spikes in the VIX.*
Perhaps the following figure,** shows the relationship better, but uses the same information from Ari Wald::
Both references come to the same conclusion.