Midday Market 04/24: Volatility range increases slightly preparing for recession

The US stock market had a rather dull trading session in the morning of Monday with heavy pressure on the tech sector right after the opening bell. Money flow clearly moved in a defensive direction as investors temporarily left mega-cap tech during the important ER week, dragging SPY and QQQ down to 411/313 before finding support.

40% of the entire S&P500 reporting Q1 earnings this week:

The fear index VIX has also started to bottom out and shows signs of increasing again on 3 and 6-month long-term contracts: