VIX and SPX Both Close Higher for the 2nd Day in a Row

The SPX and the VIX typically move in opposite directions. It is somewhat unusual to see them both move higher on the same day. It is especially unusual to see this happen 2 days in a row as we saw on Monday and Tuesday. Below is a study that looks SPX performance following such occurrences. It only considers those instances that occurred when the SPX was trading above its 200ma.

Instances are a bit low but the stats seem to suggest a possible downside edge over the next 1-3 days.