The S&P 500 Index (SPX) has shown signs of short-term stabilization following a recent spike in volatility. One-month realized volatility has dropped sharply, while three-month volatility remains elevated, indicating a potential recovery as the volatility ratio mean-reverts from above 1.6. Market futures for the SPX were up by 12 points ahead of the weekend, and the index itself gained 1% recently, suggesting positive momentum in the near term.