I Have Never Seen This Stock Market Indicator Do This Before

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What you are looking at is the VIX, which measures the premium that options traders are paying for volatility on the S&P 500.

It spikes up during times of panic in the options market.

I have never seen the VIX jump up over 40 and then come back down below 20 like this ever before.

In the past it would take weeks, usually months, for the VIX to get back below 20 after the spike we saw in it two weeks ago.

And yet here it is below 20 now, so fast, having fallen straight back down.

It is like an indication of a wild swing from panic to complacency in the shortest amount of time I have ever seen in the markets.