SPX made a dip off the white "trajectory" resistance. It now appears to be making the 5th wave push. The red trendline is just above in the case that it attempts to overshoot the white resistance.
It is a similar situation as the runup in October 2015, and another failure would likely result in a significant April plunge.
It is reminiscent of 2008 - though not as severe a downtrend this time around. In 2008, the market plunged May into November - note also an election year!
VIX is nearing the long term trendline from July 2014.