The CBOE Volatility Index (VIX) has returned to around 17, completing a full round trip from its pre-April spike near 20. Market participants are digesting Moody's recent news, leading to a cooling off in volatility with the VIX likely to remain in the 17 range. VIX futures have remained near lows despite minor dips in the S&P 500, indicating cautious dip buying. The VIX options expiration, occurring after the typical stock options expiration this month, may mark a turning point in volatility trends. Intraday trading showed realized volatility expanding to meet historical expectations while maintaining symmetry, with dealer activity influencing the VIX around the 18 level. The VIX has been pinned near 18 due to dealer Gamma Exposure (GEX), with support levels identified at 17.96 and 18.73. Market watchers note that holding above 18 is bearish for equities, and a break below this level is needed for a bullish trend. The day of VIX options expiration has created a potentially deceptive environment for bulls, as dips continue to be bought but may be followed by pullbacks after expiration. Overall, the VIX is being closely monitored around the 18 mark as traders assess market direction amid mixed signals.