The best case scenario for the bulls I believe isn't the market blasting up but for it to establish a base above recent support which is around 212.5 in SPY. If things stabilize here, it will lower the chances of a down move breaking back into the months long consolidation zone. VIX is also breaking down from its sideways action and there is a chance that finally it also falls lower out of its extended consolidation zone.
The dotted red vertical lines indicate failed sell signals which may mark a trend change. Looks like more sideways movement within a tight consolidation zone and potential breakout next week.
SPY on daily consolidating over support
If VXO breaks the support line, we could see some fast money come into the market.
Same with VIX...