Chart of the Day - Friday, April 21st, 2023

Today’s Chart of the Day was shared by David Yocum (@YocumsCharting). The chart shows the daily percentage changes for the S&P 500 ($SPY). It was a boring week for the S&P 500 with the index closing flat on the week (-0.10%). This pause occurs as the S&P 500 tests a major inflection point around 4200. This lack of volatility pushed the $VIX down to new 52-week lows this week. We keep hearing "the VIX is broken" due to the rise in 0DTE options, but it seems to be working just fine, as it's confirming the small daily moves we've had in the S&P 500 recently.