U.S. equity volatility gauges continued to retreat on Tuesday, even as the S&P 500 edged higher. The CBOE Volatility Index slipped to 17.16, and a widely watched long-versus-short volatility barometer fell to its lowest level in several months, suggesting waning demand for protective options. Traders also reported subdued gamma open interest, including in same-day-expiring (0-DTE) contracts, underscoring a broader pullback in appetite for volatility exposure. The calm backdrop points to mounting investor complacency despite a series of recent, shallow pullbacks in the broader market.