In 2011, we were more or less in the same situation, we saw VIX climbing above 40 a first time and then a second time later.
This hypothesis suggest market is still not ready to be 100% before testing again the lows of August.
So I would wait to see a retest before taking new long positions on Equity market.
This is only an observation of similar periods (1998 and 2011).
As I do not see a "V" correction on SPX, then it should be "W" correction and we would retest the lows of August by the end of the month, or mid October.
As the VIX is now at 25.90, it would not be surprising to see the VIX again at 40 if the market fall again. We are still in a high volatility and stressful times.