The CBOE Volatility Index (VIX) rose by 4.95% to close at 17.16, while the S&P 500 Index (SPX) remained virtually unchanged at 5917.11 on November 20, 2024. This increase in the VIX suggests heightened market volatility, projecting about 1.07% in daily S&P 500 movement over the next 30 days. Today's VIX trading volume was 1.013 times the 30-day average, with calls comprising 69.93% of the volume, indicating a strong expectation of increased volatility. The most significant trade was the VIX Nov 2024 15.000 put, with a volume of 89,518 contracts. The VIX opened at 16.19, slightly above the previous close, and fluctuated between a high of 18.79 and a low of 16.04. Geopolitical tensions, particularly the conflict involving Ukraine and Russia, have contributed to this volatility, as investors seek safer assets amid uncertainty. Additionally, the anticipation of Nvidia's earnings report and Fed Governor Michelle Bowman's cautious stance on interest rates have further influenced market sentiment, reflecting a complex interplay of geopolitical and economic factors.