after a bullished run in the market.
today it did not go up too much since market is brushing off those ADP numbers. Friday's NF payroll is the next big event. After that it is earning season.
You do not want to pay too much if you do not know the direction.
Previously VIX priced a bit of Cyprus premium, which is being undone. Overall VIX is expressing a somewhat bearish view on SPX.
Just my 2c.