A Drop In Volatility Often Accompanies an SPX Rally...Then What?

CBOE S&P 500 9-Day Volatility Index (CBOE_DLY:VIX9D)

CBOE_DLY:VIX9D CBOE S&P 500 9-Day Volatility Index

There is a strong, negative correlation between $SPX and volatility - which makes sense as we don't need a hedge when conditions are improving. Over the past 48 hours, we had just such a rapid deflation of risk assessed in the short-term implied volatility reading (VXST), so what happens from here? I highlight the instances over the past 12 months where there have been equivalent rapid declines in the 'fear' gauge to illustrate how the S&P 500 responded.