VIX moving up from a new low - is it enough?

The VIX went down to 25.02 and is moving up, while the S&P 500 looks somewhat heavy. Is it "enough" and is this it? Heavy as it looks, the SPX is still above its 13 day exponential moving average and still above yesterday's low. From a swing trade perspective, the SPX is still in the game until it forms a swing high by moving under the low of a prior today - classically when that prior day's high was higher than reached on the "trigger day." Since this morning, the SPX also poked a slightly higher high (as the VIX poked a new low), we aren't there yet. Now, if the SPX does close under yesterday's low, that will create a bearish engulfing bar. Notice that the SPX's move down from its morning high of 930.01 is also a drop from Bollinger Band midline (20 day moving average) resistance. So, we can see that the equities markets' rise out of last week's cycle low, is rather weak. Consistent with that is the volumes yesterday being relatively low.

All in all, we can see that equities look weak but it would be too soon to rule them out. Besides, I do have a level of 24.78 for the VIX - not saying it "has to get there," but since it has come so far under 33.81, then I'm just about expecting to see it test 24.78 before it's all ready for a turn.

Meanwhile, the dollar is up and gold is weak, so it's all looking still consistent with our thesis.