Correlations closed the week .03 or 0 percentile after briefly dipping negative.  Low correlations protect indices, generally until extremes are reached.  We are at those extremes now and it would be unreasonable to not assume mean reversion to some degree.

Realized volatility is near the lower bound of the past year.  It would be unreasonable to expect further declines without an uptick over time here as well.

Volatility remains very expensive to hold.  Contango is at 5th percentile.

The regime switch indicator suggests pullback or future gains to be given back.

Thanks and have a great week.