At 12.58, VIX closed today at its lowest level since December 4th 2014 (which makes perfect sense, given the forward-looking volatility implied by each and every macro data item and earnings release in the next month). However, as BofA notes, the VIX term structure (VXV / VIX) suggests "significant concern" about this advance in stocks being sustained.
VIX at 5 month lows...
Today's close above 1.2 in the VXV/VIX ratio is significant concern.
Historically, the market has struggled to hold its gains when this ratio closes above 1.2.