The VIX level that can help chart the path for where the stock market goes next

Where Wall Street's so-called fear gauge goes next can help determine the future path of the stock market, according to Canaccord Genuity. The Cboe Volatility Index , or VIX, tracks the market's expectation for — you guessed it — volatility over the next month. In recent days, the VIX has fallen to around 15. That's a huge drop from its sharp jump seen during the global market rout on Aug.

The S & P 500 could rise to test the July 16 high and potentially even score new all-time records. The S & P 500 in late day trading Sednesday was about 1% below its mid-July all-time closing high. But a period of turmoil in February 2018 known as "Volmageddon" has scarred Roberge, who's worried that if today's market follows a similar path, there could be another drop coming.

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