GS: Volatility stress is high even though the index hasn’t fallen that much. Right now: •Vol Panic Index: ~9.55% •S&P drawdown: ~4.38% “Under the surface though, the market still feels fragile. Internal stress indicators (dispersion, factor vol, vol-panic style metrics) remain elevated relative to the index drawdown, which helps explain why relatively modest headlines have been producing outsized sector and factor moves.”(Frank Chaparro)