The S&P 500 Index ($SPX) is experiencing a notable recovery, currently up approximately 5.8% for the week, closing at around 5,400. This marks a significant turnaround from earlier declines, including a drop of 7% that nearly triggered a circuit breaker on the previous day. Despite concerns among traders about potential further downside, the index has shown resilience, consistently making higher lows. The current trading week is on track to record the highest volume since the March 2020 lows, excluding today's volume, and the second highest weekly volume since the Covid lows. The market's psychology appears to be shifting, as evidenced by the index's performance, which is 12% above its opening on Sunday night. The recent volatility has not deterred investors, as U.S. Treasuries are being sold off, suggesting a changing perception of risk-free assets.