Epic 34% spike in the VIX today.
The 1oth largest daily percent increase since 1990 and biggest since August 2011, which, at the time was in the midst of a nasty correction/mini bear market. The S&P500 is only off just under 3 percent from its recent highs made last week.
The following table show the post S&P500 returns after large VIX spikes.
Upshot? Patience.
(click here if table is not observable)
Global Macro Monitor 
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Thanks for compiling the table, great stuff!
Just eyeballing the numbers, the 10 day return max should be 5.59% not the 5.03% as stated?
Thanks. You are correct. Nice find. Have to fix table!