A blog post about three months ago had a look at the VIX (VIX.X) and suggested comparing it to its own moving average as a way to gauge "high" and "low" VIX. This is more dynamic over time than depending on absolute historical levels as we have certainly witnessed great variations in what may be considered VIX extremes. Please refer to that prior blog post for more background information.
Another look at this highlights some interesting turning points in the S&P 500 ($INX or $SPX.X) compared to this VIX oscillator, including the current status.
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Written by Stanley Dash, VP, Applied Technical Analysis, TradeStation.Follow TradeStation