Generally speaking, there is a strong inverse relationship observed among the direction of risk assets, like stocks, and level of market volatility. This is indicated by the negative correlation typically held between S&P 500 price action. An influx of coronavirus optimism since mid-March, though supportive of the S&P 500, has largely kept the VIX Index and several cross-asset volatility benchmarks under pressure. The retracement lower in market volatility over recent weeks might seem encouraging on the surface, but VIX Index term structure indicates that investor uncertainty remains extremely high, and leaves the stock market rally in jeopardy, even as spot VIX falls.