Over the last month, markets have been quiet – too quiet.
Since April 1, the S&P 500 has not moved more than 1% in every trading session.
Meanwhile, the CBOE volatility index has fallen over 30% since March 25, indicating that stocks are moving very little in day-to-day trading.
The last time volatility fell this much was in October 2018 – right before stocks tanked and volatility went through the roof.