U.S. stocks had a hard week. Major indexes like the Dow Jones Industrials, Nasdaq 100 and Russell 2000 fell close to 10%. The S&P 500 also dropped, but stayed just under a full 10% loss.
The CBOE Volatility Index (VIX) jumped 16% and closed at 31.05, the first time it has been above 30 since the bear market ended in April 2025. This rise does not mean panic selling, because panic usually comes with huge trading volume. In March 2026 the volume was far lower than the heavy volume seen at the S&P 500 low in April 2025.
Without a noticeable rise in volume, the VIX is unlikely to peak and confirm a solid bottom for the S&P 500. A true bottom typically appears with capitulation‑type volume, just like the pattern we saw in April 2025.
Technology stocks, which make up about one‑third of the S&P 500, lost their key price support in the 134‑136 range over the past two days.
Losing support in such a large part of the market is worrisome, especially because the decline was not backed by strong trading volume.
What’s Ahead in Q2?
Looking ahead to the second quarter, market analysts expect continued volatility. Investors should watch for higher buying pressure and any signs that the technology sector can regain its support level.
Source: Materials provided by https://articles.stockcharts.com.Note: Content may be edited for style and length.