If we look at the reading of the VIX on every day since its inception that the S&P 500 has closed at an all-time high, the peak reading was last Wednesday: 26.57. You can see on the chart below how the post-Covid trading environment has abruptly shifted to a late-1990s vol regime ... so is it any wonder that we get late 1990s-style pullbacks? As noted previously, breadth has also narrowed along the pattern of the dot-com era. #stocktalk