The CBOE Volatility Index (VIX), a key measure of market volatility, has shown significant fluctuations over the past two days. On March 12, the VIX dropped below 24, down 17% from its peak near 28 the previous day. VIX futures also declined by 6%, signaling a temporary contraction in implied volatility and a 10% drop in daily volatility. By March 13, the VIX had reclaimed the 25 level, marking its fourth consecutive day trading above 24, a pattern last observed in November 2022 when the SPX bottomed. Analysts note that the VIX's behavior suggests potential stabilization, but some expect further volatility, with a gap fill at 23.37 and possible moves toward 35 in the event of market capitulation. The VIX futures market has also weakened, with futures trading near 23 on March 12. While some analysts see signs of stabilization, broader market conditions remain bearish, and further shocks could drive volatility higher in the coming weeks.