Implied Volatility Continues To Melt In OPEX

The VIX is falling heading into OPEX

Stocks were lower all day but found a "magical" bid around 2 PM. The index has gone nowhere for the most part since the start of April. I would like this to resolve and the index to move lower as I think it should. However, if the index takes out April 14 high, then it will set the call wall at 4,200 into play for OPEX. I have no supporting evidence to suggest the S&P 500 is likely to rise above 4,200 materially. It is not unusual to see the index trade around the call wall from 4,175 to 4,225 into OPEX.