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We talk about markets “drifting” higher or lower, but that’s a figure of speech. Markets don’t just “drift” – momentum builds, positioning shifts, and suddenly you find yourself staring at what feels like the edge of a reversal.
Like a tipping point.
The S&Ps are down just 23 handles heading into the close, but don’t let that small decline fool you: Underneath, volatility is on the move. The “box” we’ve been stuck in is in play.
And when I say “volatility,” I’m not talking about the VIX – I mean the VVIX, the volatility of volatility.
The VVIX is screaming, folks. I’m watching hedging activity ramp up at off-the-charts volumes here. When pros move to cover their downside risk after good news, you’ve gotta wonder what it is they know that everyone else doesn’t. Cooling CPI, softening market internals, and a reversal on bullish headlines mean we’re not all good here.
Tonight, I’m breaking it all down: VVIX, volume, and the setups that could define the next 48 hours of trade. Let’s get to it…
