VIX vs. UVXY Relationship Telling Us Anything?

Apart from the very depressed, absolute levels registered by both the cash VIX and its derivative ProShares Ultra VIX Short-Term Fut ETF (UVXY), let's notice that the negative divergence exhibited by the UVXY (relative weakness regardless of what the cash VIX was doing), has ceased.

As of the end of June, when UVXY made its low, it has not deteriorated vis-a-vis the cash VIX, which represents a shift in the underlying risk profile of the S&P.

That is to say, some fear is seeping into market psychology "futures," which very well could be a canary in the coal mind that we must watch in the hours and days directly ahead.