Momentum indicators suggest the SPX stock price could see a short-term pullback toward 4,980 before resuming its upward trend, a common retracement behavior. Low correlation has kept a lid on S&P 500 Index volatility, as individual equities moving at different speeds in different directions cancel each other out. As a result, the VIX has stayed muted even as single stock volatility jumps with the earnings season looming. The difference between the VIX Constituent Volatility Index and the Cboe Volatility Index last week was the biggest since the end of January, and it’s near the top of the range over the past two years. Oracle closed lower for the third consecutive day Thursday. Traders have been watching the stock all week as a barometer for health of the AI trade. The SPX stock price stayed steady today, with gains in healthcare offset by mild weakness in semiconductors; balanced sector moves can indicate healthy market breadth.