Despite the potential for armed conflict in Ukraine and the specter of China's shadow banking system teetering on the brink of collapse, there is hardly any volatility at all in the current market environment:

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S&P 500 Weekly with Average True Range Underneath (ATR-14)

SPX_ATR

VIX Weekly

VIX_Weekly

Here's Scott Murray from www.volatilityanalytics.com:

"There is no fear or protection being demanded at the moment."