Vix was crying for a bounce--SPY retracing or that's it for SPY?

Vix went as low as 20. I have been watching it giving a clear indication for a bounce. Divergence was there. Yield too was rising. Market isn't turning down for long. It seems like a retracement to gain strength before breaking out. While all of us keep scratching our heads why market is still going up when 30 Ml people are unemployed and economy is on borrowed oxygen, one thing you can do is think months ahead and decide if market will panic because a vaccine is found, if the answer is no then it still has some gas left. Normally when you are at your worst, not much can scare you. Just an opinion.
With all that said there are few things that can easily bring the market down if tensions with China increases because south China sea, Hongkong, trade deals etc or Corona Virus pandemic impact for fall is seen as more damaging than market has anticipated then south it goes.