Below is a chart of $ES, along with the extended risk appetite index (eRAI) and VIX between December 1st, 2016 through the current values today. Risk appetite dropped considerably yesterday, while the VIX rose by a fair margin. The eRAI has been on a more or less downward trend since the middle of March.

General Disclaimer

I am long VIXY and RWM, and generally hold bearish positions such as SH, DOG, etc.