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Volatility Gauge VIX More Than Doubles In 3 Days: Crosses The 45 Mark For 2nd Day, 1st Time Since 2008 Financial Crisis

The CBOE Volatility Index, also known as the “fear gauge,” has spiked over the last few days, raising investor concerns about the direction in which the stock market is headed. These analysts identify historical patterns of the VIX spike similar to the Global Financial Crisis and the COVID-19 pandemic.

What Happened: The VIX closed at 45.31 on Monday and ended Tuesday at the 46.98 level. This marked a rare two-day close over the 45+ level as highlighted by Bill Luby, the former CIO at Luby Asset Management LLC.

According to Luby, the index hasn’t closed above this level for two consecutive days since the Great Financial Crisis of 2008-09 and the COVID-19 pandemic of 2020.

Consecutive 45+ $VIX closes are extremely rare. So rare that only two previous crises have included at least two 45+ closes in a row: the Great Financial Crisis of 2008-09 and the Pandemic of 2020.

— Bill Luby (@VIXandMore) April 7, 2025

Moreover, the gauge has risen by 118% over the last three sessions, which marks the fifth-highest three-day spike for the index.

The biggest three-day spike witnessed by the VIX index stood at 176% back in February 2018. This was followed by a 5.4% gain in the S&P 500 index after one year and 70.6% of returns after ...

https://www.benzinga.com/25/04/44678610/volatility-gauge-vix-spikes-118-in-3-days-tops-45-for-2nd-day-first-time-since-gfc-and-pandemic