Market Regime Summary Thu 2026-04-30

Day-over-day shift vs 4/29

Yesterday's "vol re-armed + RISK-OFF internals" picture flipped hard — every signal that broke yesterday reversed. SPX printed a fresh ATH at 7,209.01 (+1.02%) as MAG7 cleared and oil cooled. VIX crushed 18.81 → 16.89 (−10.2%) and VVIX 96.02 → 93.70. Internals snapped back: S5FI 49.50 → 56.06 (into NEUTRAL), NYSE H/L flipped 20H/25L → 465H/56L (8.3×) — full RISK-ON reversal in one session. WTI cooled $109.34 → $105.29 on US-Iran talks restart, though still ELEVATED. Term flattened (−3.05 → −0.93). Net: step 0.4%/2-spread → 0.6%/3-spread and reopen the full menu — not yet full 1% sizing because oil >$100 + META gap-down keeps tail risk live, but the regime improved cleanly across all four boxes. Yesterday's deterioration was a single-day binary-risk event, not a structural break.