On August 22, 2024, the S&P 500 ETF (SPY) showed signs of weakness, retreating from earlier highs amid rising volatility as indicated by the CBOE Volatility Index (VIX). The VIX increased by 9% during the day, signaling market uncertainty. As the market closed, the VIX settled at 17.05, reflecting a 1.1% expected move for the S&P 500 index (SPX). Analysts noted that the SPY had reached a critical point, with the SPX just 40 points away from its all-time high of 5670. On August 23, the market displayed a more bullish trend, with SPY trading above 562 and the VIX dropping to 15.84, down 10% from the previous day. The Russell 2000 ETF (IWM) gained 3%, and strong performances from major tech stocks like Apple (AAPL) and Microsoft (MSFT) contributed to the market's recovery. The overall market breadth indicated a positive sentiment, suggesting that dips were being bought intraday, despite the earlier volatility concerns.