Making matters worse is the Fed's neutral stance which means fixed income volatility will continue to not realize the implieds.
All this has obviously been a boon to the US equity market which continues to benefit from those who are returning to the equity market after the December debacle. Any and all indicators show that positioning is returning to more normal levels and the cash that had been on the sideline being deployed.
So now what? My view has been a near term FOMO rally to 2800 and then we shall reassess. It fits my Elliott Wave count where the 5th and final wave should be completed around there, and it is where the market has roughly failed three times prior since October. Also note in the below chart that you are seeing the MACD indicators narrowing which is a sign of waning momentum, and the RSI now hitting over bought conditions.