"The Cboe Volatility Index has yet to confirm the equity rally as it hasn’t formed a lower low to match the U.S. stock benchmark’s higher high".
That's not really how it works. Volatility and VIX move in cycles as well. As you can see in the chart below, the VIX can make higher "plateaus" and be trading higher when SPX "is at the same level". More importantly is to watch the VIX futures curve and other measures that give more and deeper insight on volatility, than just simply comparing levels of VIX here vs SPX.
Chart: Used with permission from Bloomberg Finance L.P.
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