The following 60-Day 60-Minute chart of the SPX:VIX Ratio shows last Friday's large gap that will, ultimately, need to be filled at some point, since gaps on this timeframe tend to get filled.
As mentioned in my post of March 29th, 2100 is the "froth" level that the ES (S&P 500 E-mini Futures Index) will need to overcome. In the process, it will have to overthrow major resistance, which is formed by a double Fibonacci confluence level. At the time of writing today's post, price has yet to break and hold above Friday's high of 2113.50 and the all-time high of 2119.75 set on April 27th of this year.
Are volatile swings over with now? I wouldn't rule them out just yet until we see the above-mentioned levels comfortably broken and held...and backed up by larger volumes to support new money entering equity markets at these historically-high levels.