We look for peaks and troughs in the CBOE VIX indicator versus its moving average (see chart below). Peaks tend to coincide with short-term market lows, and troughs with market highs (measured by the S&P 500 index).
Note how VIX hit a trough before the S&P 500 settled back from its recent high. Since then, VIX has turned neutral (closing in on its moving average). We read this as a bullish sign, as recent consolidation in the S&P 500 may present a less risky opportunity to add to longs.