The S & P 500 continues to make new highs, and volatility continues to decline.
First, the S & P 500 has logged just two absolute 1% moves since Sept. 19, which is nearly a month's worth of trading.
In fact, 114 S & P 500 stocks made new 52-week highs on Tuesday, which was the first time we've had over 100 since 7/16/24.
With the day's opening and close both being higher and lower than the prior session's, this created a bearish engulfing pattern.
The bottom line is that the S & P 500 and dozens of its holdings have built up substantial cushions by strongly coming back from the August lows.
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