S&P 500 Index Volatility Reaches Pre-Pandemic Levels, More New Lows Than Highs, Fib. Extension at 528.5, Semiconductors Lead Gains

The S&P 500 Index volatility has reached pre-pandemic levels, with the index showing more new lows than new highs for the first time in a month. S&P futures struggle to break through the week's Value Area, facing resistance at the 1.382 Fibonacci extension. Weak breadth in the market, with most sectors in the red except for Semiconductors, has led to stagnant performance, resulting in no change in the S&P 500 for the week.