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Kevin Warsh

Aug 23 2026

Volatility Has Compressed. What Happens Next?

SPX term structure chart showing implied volatility declining from 32% to 10% across expiration dates through October 2026.

The S&P 500 pulled back slightly last week, and the market’s recent volatility compression phase appears ready for a reset. With earnings season largely over, both index and single stock volatility have dropped from the elevated levels that prevailed earlier this summer. Our pre-market Founder’s Note on Friday explained how substantial short-options positions cleared with […]

Written by Sherry An · Categorized: Market Analysis, SpotGamma Weekly · Tagged: contango, dealer gamma, forward implied volatility, Gamma Exposure, implied volatility, IWM put skew, Jackson Hole, Kevin Warsh, options positioning, options skew, QQQ call skew, spotgamma weekly, SPX term structure, synthetic gamma

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