Today's Chart of the Day from Hedgeye Macro analyst Ryan Ricci shows the VIX Risk Range.
You have 15% upside potential vs 14% downside potential. Exactly in the middle. The way this short-dated Vol works is that the volatility isn’t always to the downside, it works both ways (a lesson I have learned).
Depending on how the market views the Non-Farm Payrolls number, we can either see VIX towards the Top End of the Range, which will put the S&P 500 back towards the low end. Or we see the VIX move towards the Low End of the Range, pushing S&P 500 to new highs.
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