Following this week's elevated FOMC volatility, the implied volatility (IV) for the S&P 500 (SPX) is now at a relatively low 15-16 for next week and extending to the election period. The VIX futures are higher, near 19, indicating some market caution. Despite this, the VIX itself remains stable, and downside puts have seen increased bids. Market participants noted that the VIX futures did not turn positive, suggesting a potential for volatility premiums to decrease, which could drive the SPY higher. The VVIX/VIX ended the day on trend, and with VIXpiration occurring today, support levels are being observed. As event risks diminish, a slight repricing of volatility to the downside is anticipated, particularly post-OPEX. Traders are still seeking volatility hedges, especially post-Election, with tech and small caps seeing bids, though no new highs have been broadly observed in NYSE-listed stocks. After the FOMC, GEX/DEX saw a sharp drop as traders braced for unfavorable outcomes.