another video regarding the FEAR index - CBOE:VIX. I posted the video yesterday, that contained information about VIX extreme points that are good for finding Lows in the AMEX:SPY
Another approach is to search for divergences between SPY and VIX market. If the market is falling down but we have less panic, it is likely to turn around.
At the end of the video is the description of what I'm going to look for in VIX when the SPY market starts to pull back.