The S&P 500 Index volatility has reached pre-pandemic levels, with the index showing more new lows than new highs for the first time in a month. S&P futures struggle to break through the week's Value Area, facing resistance at the 1.382 Fibonacci extension. Weak breadth in the market, with most sectors in the red except for Semiconductors, has led to stagnant performance, resulting in no change in the S&P 500 for the week.
$ES_F S&P futures update Price has had trouble w/ top of this week's Value Area all week cc $SPY https://t.co/aSi4pbpFk4 https://t.co/5zRuioHxYA
$SPY lower of the day
$SPX change on the week = zero I don't think we are getting winner this week @hmeisler !
$SPY weekly struggling to get through that 1.382 Fib. extension of the 2022 correction 528.5 2nd straight day of weak breadth w/ selling under the surface, most all sectors red last two days outside of Semis https://t.co/72AZpZkCqt
1st time $SPX 4wk new lows > new high since beginning of month (note below chart not updated for today's activity) https://t.co/4yXUz91pMD https://t.co/da7ABMMC1P
$SPX 4wk new highs 50 vs new lows 70 https://t.co/eEwK6Hnytn
SPX IV has not been this low since the pandemic.