What the SPX/VIX Action Hinted at on Tuesday

I am seeing some signs that the market is likely to pull back in the next few days.  On Tuesday the SPX closed just slightly higher while the VIX also rose.  This triggered the study below, which I have showed before in the subscriber letter, but never here on the blog.

The reason it only looks at Tuesday, Wednesday, and Thursday is that Monday and Friday VIX prices tend to be affected by weekend time decay in the options market.  Instances are a little low but really could not appear more bearish over the next 2 days.