The 23-year record divergence between tech and broad market volatility indicates the tech sector is under isolated duress while the rest of the market remains relatively stable, a historically rare and ominous signal.

"This divergence is wider than it was during the absolute depths of the 2008 Financial Crisis (7 points) and higher than the peak of the 2020 pandemic panic (11 points). This divergence has an ominous signal to me: the vaunted tech sector is under extreme, isolated duress while the rest of the market pretends everything is relatively normal."