As most are aware, the VIX volatility indicator has a great correlation in the last few years to the stock market peaks and bottoms. Low volatility readings has almost always indicated a local peak in the S&P. Below is the VIX for the last 2 yrs. There has been approximately 5 times in the last 2 years where the VIX has fallen to a reading of ~15, circled in blue. (2011 - Feb, May, July) (2012 - Mar, Aug)
Below is the S&P 500 index for the same period. Each of the 5 lows in the VIX marked a local high.
Based on the VIX indicator, there exists a significant chance that the market is at a local high. What is particularly compelling here is that the indicator has been very accurate and in each case, was followed by a large drop of >6%. If the trend holds, a drop may start within the next few weeks. Also interesting to note, each drop took an average of approximately 2 months to bottom out.