The Chicago Board Options Exchange Volatility Index (VIX) has experienced fluctuations between mid-June and the end of July 2025, reflecting changing market sentiment. The VIX ranged from a high of 21.50 on June 17 to a low near 15 by late July. Notably, the index held around 20 in mid-June before declining steadily through July, reaching levels as low as 15.09 on July 31, which has been described as an "Investable Bucket" by market analysts. Concurrently, the S&P 500 (SPX) showed resistance near the 6400 strike, with liquidity and gamma strike zones indicating key levels between 6345 and 6500. Tech stocks such as Meta and Microsoft contributed to market strength, pushing SPX futures higher by 60 points on July 31. Market participants are closely watching the VIX and SPX levels as they digest Federal Reserve news and upcoming economic data, with volatility futures showing modest gains despite some fading momentum. The VIX briefly spiked post-Fed announcement to 17 before settling back into the 14.75 to 16.27 range by the end of July, signaling ongoing market uncertainty ahead of August 1.