PremiumThe NDX (& the SOX) just posted the first ‘down’ week of the quarter (albeit, down just ~40 bps on the week) as upward momentum in the AI / Semis story stalled out by the end of the week amidst demanding technicals (overbought conditions, elevated positioning, call/put ratios, etc) and a more difficult macro backdrop (VIX higher, 10yr to ~4.60% and Oil back to ~$109).But, even as the market achieved new highs, implied volatility (IV) also climbed for SPY, QQQ, SMH, and NVDA. As SpotGamma writes, this "spot up, vol up" pattern is unusual.Bad breadth