
Although the S&P500 stock index topped Feb 20's record high on Tuesday, 30-day implied volatility of the index measured by the VIX - or 'Fear Index' - is still some 5 percentage points higher than it was 6 months ago just before the pandemic shock unfolded. While that may be unsurprising given the dramatic roller-coaster ride in the interim, deep recession and huge virus-related uncertainties, the VIX is less than a quarter of its March peak and technical signals spotlight a so-called "Death Cross" where its 50-day moving average is breaking below the 200-day equivalent - often a sign of further sharp declines when triggered in other markets.
Chart by Ritvik Carvalho and commentary by Mike Dolan.
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