The CBOE Volatility Index (VIX) has experienced notable fluctuations over recent days, consistently hovering around the critical 20 level. Initially, the VIX reclaimed and held above 20, prompting dip-buying algorithms to activate, although sustained movement above this threshold is necessary for a more pronounced market downturn. After briefly dipping below 20, the index surged to nearly 24, marking a two-week high with an increase of 3.14 points to 23.42. This breakout corresponded with a rise in daily realized volatility and an expanded daily trading range, reaching 1.5 times the usual volume and a range of 24.34, respectively. Concurrently, Treasury yields declined to 4.55%, gold prices rose by 1.7%, and the S&P 500 futures (ES) fell by 1.4%. Market participants are closely watching whether the VIX will continue its ascent toward the 25-30 range, which has historically coincided with a healthy 5% equity market dip.