The S&P 500 is facing volatility, with the index fluctuating between 6,500 and 6,900. Nvidia’s earnings did not help. Market internals are negative, causing rough trading. The at-the-money Nvidia straddle was expensive, leading to a costly miscalculation in options markets. SPX is near the -4σ “modified Bollinger band,” with equity-only put-call ratios signaling a bearish trend. Market breadth and new highs vs. new lows on the NYSE are struggling. VIX spiked to 26.20, prompting a potential buy signal. Volatility derivatives remain modestly bullish. Trading range remains wide, prompting cautious options strategies.

Read more at Yahoo Finance: Even Nvidia can’t help a stock market that’s in real trouble