SKEW's upward trend

The CBOE SKEW Index looks at the probability of a Black Swan event at some point over the next 30 days. It's 50 day moving average is now on a constant rise. 

When SKEW's 50 day moving average approached 136 in the past, this was a long term bullish sign for the S&P 500. 

To expand the sample size, let's look at what happened to the S&P 500 index when SKEW's 50 day moving average hit 133. This too was a bullish sign for the S&P 500 1 year later though there have been some pullbacks in shorter time frames.