The lower clip measures the strength of the SP500 using its returns. As has always happened, the multidimensional combo of high price spreads, low P/Cs, low I/V (including the inverse of the SKEW in the mix), etc. was the 🪤. The problem now is the persistent low OTM put I/V while the SKEW remains relatively high. Does anyone have OTM put I/V data for the 1929-32 period? 🙄