Late 2007-Mid 2008 $VIX 17.0-31 Mid 2008-2009 Bottom 28.5-80.9 with the majority in the 35-50 range.   Need $VIX under 20 to sustain a bull market.  Need $SPX not to fall 3%+ in a day, let alone 4% for a bull market.  This time different? Maybe.