The S&P 500 concluded the day with a decline of almost 50 basis points, while the equally weighted S&P 500 experienced a drop of over 1%. Unfortunately, this has been a recurring pattern in the market, with only a select few stocks driving the performance of headline indexes.
Interestingly, on this particular day, the consumer discretionary sector was the sole sector that recorded gains, primarily attributable to Tesla's 5% rally. Examining statistics like these, it becomes challenging to label this market as resilient.
It is uncommon to observe both the VIX index and the S&P 500 lower on the same day. Furthermore, the increase in the VIX 9-Day Index and the VVIX raises the possibility of last-minute positioning ahead of tomorrow's VIX options expiration.