SPX
What's happening on the May 1, 2020? Checking the United States Economic calendar. This is what I found that could be the cause of the increase volatility on that day: 1) Core Price PCE Index: Forecast is 1.7%, Previous was 1.8%...May drop further than anticipated.
2) Employment Cost Index: Forecast is 0.7%, Previous was 0.7%..."The Employment Cost Index measures the change in the price businesses and the government pay for civilian labor. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD." ...Will this be 0.8%+? I think so.
3) PCE Price Index..."The PCE price index, also referred to as the PCE deflator, is a United States-wide indicator of the average increase in prices for all domestic personal consumption. The impact on the currency may go both ways, a rise in CPI may lead to a rise in interest rates and a rise in local currency, on the other hand, during recession, a rise in CPI may lead to a deepened recession and therefore a fall in local currency.
4) Personal Spending (Month to Month) Forecast is -6.5%, Previous was 0.2%...Maybe reading will show less than negative forecast.
5) Chicago PMI
While these reading can flip the forecast; volatility will increase. So, for all Option holders, check your Vega. If you don't know what Vega is, don't do options until you understand the Greeks.