Indicators and history signaling this spike has lots of room to run.
Remember that volatility is the side hedge of inverse markets. It works in your favor.
Last time TVIX held at $160 like this the market was only at 2920 on May 19th.
So now wer're +150 point but TVIX still $160... hmm.... how is that possible? Because volatility is increasing, which increases the value of inverse market investments.
In other words, even if SPY did hit 2200, it's likely VIX would find a new higher level to settle at given all extraneous volatility factors that still remain and grow more serious with each passing day (recession, trade wares, coronavirus, unemployment, reduced consumer and business spending, etc.)
Narrative is MUCH more useful politically than sideways trend for months or even slight, steady increases. Not to mention trying to prop a sideways trend is like carrying a ticking time bomb. They can't risk that going off Sep/Oct, they'd be screwed.
I still can't believe that no one knows the unemployment numbers were misreported both April and May by a few points. The BLS even admit it but basically say they don't give a shit as long as it looks better for Mein Fuhrer.