The fear-meter here is showing no signs of letting up. If one were to add a 10 and 20 day moving average to this chart, it would become evident that both are trying to cross over the 50 day average. Typically this is signal used to indicate the start of a new trend.
If this were the chart of decent equity, I'm sure many bulls would find it bullish. Too bad it is bearish. Keep that in mind as you position yourself over the coming days. If the VIX retests its August highs, it is safe to assume the indexes will be near the August lows.
I've included some Fib numbers here to suggest areas of resistance. It should be noted that the 50% retracement coincides nicely with previous resistance. We might expect the indexes to put in a few bullish days if the VIX pauses or reverses at that level. However, the question every trader should be asking himself or herself is if they believe the VIX will push through that resistance, and what will that mean for their positions.
Finally, bottoms are found quickly, while tops can take a long time to carve out, and are often coupled with grueling whipsaws and volatility as the bulls fight the good fight until they finally conquer, or capitulate. As the markets keep catching a bid in the afternoons, I'd say the bulls still have some fight left in them.