The volatility of an average stock in the S&P 500 index spiked to ~11% over the last month, the highest level since the Great Financial Crisis.

At the same time, the index has been flat.

In the past, such a divergence occurred only during periods of EXTREME market STRESS.

Higher single-stock volatility versus the S&P 500 has been observed only 1% of the time over the last 30 years.

The market is falling apart under the hood.