The CBOE Volatility Index (VIX), a key gauge of market risk and investor sentiment, has experienced notable fluctuations between mid-June and late July 2025. Initially, the VIX hovered around the 20 level, with readings ranging from approximately 18.4 to above 21 in mid-June through mid-July, indicating moderate market volatility. On June 17, the index rose above 21, marking an 11% increase that day. However, by late July, the VIX declined sharply, reaching its lowest levels since February 2025. On July 23, the VIX dropped to 15.64, hitting a five-month low, and by July 25, it settled below 15 for the first time since February 13, 2025, with a close at 14.96. Market analysts noted a tightening range from 18-22 down to 16-18, with expectations of potential volatility upticks during the earnings season. The S&P 500 index (SPX) showed activity around the 6400 strike price, identified as a significant resistance level, with traders focusing on this level in late July. The 10-year Treasury yield fluctuated around 4.33% to 4.40% during this period. Overall, the VIX's recent decline to sub-15 levels reflects reduced market volatility and investor caution as the market approaches the earnings season.