This implies a top could be near for the SPX .
Watch the Intraday VIX on November 25th. If the divergence continues it will be more evidence that the SPX could be about to turn down, especially if after the close the daily VIX has a divergence vs. a higher SPX .
Thanks for the comment.
The VIX measures volatility on the SPX and it is possible that index could keep rallying until the next FOMC meeting which I believe is 12/7/16.
An SPX top could come anytime between 11/28/16 and the FOMC. If there is an SPX top before the meeting and there is a bearish reaction to the FOMC announcement, it could accelerate the move down.