The CBOE Volatility Index, Wall Street’s fear gauge, staged a rapid reversal this week. After sliding into the 16.3–17.2 range on Wednesday—its lowest level since February—the index jumped to 21.08 on Friday morning, the highest reading since 23 May, before edging back below the 20 mark. The swing in volatility coincided with the S&P 500 trading narrowly around 6,024 to 6,050. Derivatives desks highlighted a concentration of call open interest at 6,100 and put support near 5,900, technical levels that have kept the benchmark boxed in even as implied volatility climbed. Options activity points to a more defensive stance. Data compiled by Traderade show retail investors bought about $820 million of delta exposure while supplying a record $36 billion of gamma over the past week, including $26 billion tied to S&P 500 contracts. A put-call volume ratio above 1.3 and a steeper skew toward puts underline the pickup in downside hedging. Short-dated implied volatility on both sides of the options smile rose, pushing VIX futures roughly 10% higher into the weekend. Meanwhile, the 10-year Treasury yield held around 4.41%, suggesting equity traders are bracing for near-term event risk even as longer-term rate expectations remain steady.