The market has never experienced anything like this:

The S&P 500's trading range in the first 41 trading days of 2026 is just 2.7%, the narrowest for this period on record, going back to 1928.

This is also tighter than any Dow Jones trading range since 1896.

By comparison, during the 2008 Financial Crisis, the index traded within a ~35% range, ~1,200% wider than the current level.

The 2020 pandemic saw a range of ~15%, or ~450% wider.

Even the calmest periods in the 1950s, 1960s, and before the Financial Crisis saw higher volatility than today.

The market remains extremely subdued despite elevated volatility beneath the surface.