European Vol Is Screaming. Markets Aren’t — Yet

Soggy Stoxx

SX5E is stuck in a range. No direction. The latest price action isn’t helping, as futures just printed their biggest down candle in a while, hinting that pressure is building beneath the surface.

This isn’t about one bad session. It’s about a market that’s failing to participate, weighed down by sector weakness, energy exposure, and a macro backdrop that refuses to cooperate. Add to that the vol split, VIX subdued while Europe’s V2X stays elevated.