Does the VIX Forecast the Direction of the S&P 500?

In this IQS Brief, we examine whether the short-term trend in the VIX forecasts the subsequent short-term return in the S&P 500.

It is widely believed that downward trends in the VIX forecast an increasing S&P 500, and upward trends in the VIX forecast a declining S&P 500. Is this true in the short-term?

http://IQS Brief - When should the S&P 500 Rise?