I’ve found in the past that a very low VIX:VXV ratio can often be a bearish indication for the market.  Monday we saw the ration drop sharply and the SPX close at a 50-day high.  Below is a study that examines a low VIX:VXV ratio and market at a new high.

Implications appear to be mildly bearish, but are mostly exhausted after just 2 days.