Very tight range for the SPX index this week, about 21 points between the low and the high (compare that to an average weekly range of almost 50 points over the past 2 months). We are also on track for one of our lowest volume weeks of the past year. As of now, the SPX is on track for its 4th weekly close higher, up 0.5% from last week’s close.
Along with that lack of activity, VIX Futures have continued their steady descent lower.
Here is last week’s snapshot:
Compare that to today’s snapshot:
VIX spot and August VIX Futures are down almost a full point, while Sept to Feb futures are all down less than half a point.
VIX spot is at its lowest level since mid-May, but still a couple points away from its lowest level of the year, around 11, seen in mid-March.