The VIX tends to steal the spotlight whenever markets wobble. But those who track volatility closer to the money know that the real signal often comes from within the vol complex — specifically, the ratio between short-term and medium-term expectations.

Enter: VIX9D / VIX3M — a highly underwatched but critically revealing signal. Last week, it quietly flashed peak fear. This week, it’s quietly unwinding — even as headlines remain glued to panic.