Volatility is low

The 30-day volatility moving average of the S&P 500 is currently at its lowest levels since 2000 and near lows since 1990. Average aggregate volume among constituent shares has declined modestly since the end of the second quarter.

Quarter-to-date through Aug. 29, the index is 3.9% higher, with much of that return stemming from the market runup during the first half of July. The index is up 31 basis points thus far for August.

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