It is unusual for the VIX to stand at levels above 20.0 while the S&P 500 Index trades near record highs, the desk at Goldman Sachs wrote a note about this recently, they showed a similar graph to the one I'm sharing below to serve as visual guidance
Going back to 2020, data shows a strong relationship between the S&P 500 Index and the VIX, this was evident during the August spike which led to a 1.8% decline in equities
While absolute levels in both indexes are not related, we can judge by the VIX that it markets expect volatility ahead, moves above 1.0% in the equity benchmark are implied now
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