Editor's Note: Below is an excerpt from today's Early Look written by Hedgeye Macro analyst Ben Ryan. Click here to get it.

The chart below contextualizes the 5Yr highs in at-the-money implied volatility for the tech sector by comparing 30-day and 60-Day durations for volatility exposure relative to the SPY index. 

CHART OF THE DAY: Implied Volatility % (30-Day & 60-Day) $XLK $SPY - 04.26.18 EL Chart