The CBOE Volatility Index (VIX) has been trading in a narrow range between approximately 17.4 and 18.3 over the past several days, marking a 21% decline this month and reaching its lowest levels since late February. Market analysts note that the VIX is currently compressed, with daily ranges as low as 0.34 points, and term structure values indicating potential volatility expansion depending on upcoming economic data, particularly the Non-Manufacturing Payrolls report. The VIX briefly rose above 18 amid ongoing market volatility and choppy trading in major indices such as the S&P 500 and Nasdaq 100. Despite this, volatility remains subdued compared to earlier in the year, with the VIX still below levels seen during the S&P 500's all-time high in February. Traders are closely watching the VIX for signs of a reverse-to-mean scenario, where volatility could contract back inside certain technical thresholds, or alternatively spike if economic data disappoints. The 10-year Treasury yield hovered around 4.36% to 4.39% during this period, reflecting broader market conditions. Overall, the market is experiencing calm volatility amid a quiet macroeconomic week, with earnings season and economic reports expected to influence future volatility trends.