I have been watching the $VIX and although it has popped lately, it is still below the crucial level of 30, meaning anything above this level is elevated and there is heightened concerns in the market.
The last 2 weeks have certainly now felt great for many but the underlying tones is not hysteria yet
We can see in the 2007 that 30 was tested a number of times before it broke out and the economy collapsed, we will monitor this behaviour again around 30 but right now, I am not seeing panic.