The market has entered a pullback, with large bearish option trades accounting for one-third of the volume. The implied volatility (IV) for major option expirations has slightly decreased compared to the past two weeks. During this recent uptrend, IV didn’t rise much and has now dropped to around 35%. Looking at the options data, this aligns with a mid-bear market rebound. The market doesn’t have high expectations for volatility, and any slight movement leads to selling volatility.