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S&P 500 Put-Call Skew Climbs to Highest Since December 2021

S&P 500 Put-Call Skew Climbs to Highest Since December 2021

Demand for downside protection in U.S. stocks has risen sharply, with one-month options pricing showing investors are paying unusually high premiums for bearish positioning.

Fact Check
The claim is supported by real-time financial reporting from The Kobeissi Letter and corroborated by other market commentators on March 19, 2026. The specific metric (12 points) and the historical comparison (highest since December 2021) are consistent across sources. Market data from Cboe also confirms elevated volatility (VIX at 25.37) on the same date, providing a consistent macroeconomic backdrop for high hedging demand.
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Terms & Concepts
  • Put-call skew: An options market measure comparing demand and pricing for put options versus call options, often used to gauge downside hedging demand.
  • Put option: A contract that gives the holder the right to sell an asset at a set price, commonly used for downside protection.
  • Call option: A contract that gives the holder the right to buy an asset at a set price, often used to bet on higher prices.