Traders are weighing the possibility of direct US military involvement in the Israel-Iran war, now in its second week.

The bottom line: despite a lot of worries about volatility, SPX has been trading between about 5,950 and 6,050 since early June. Realized volatility, as measured by the 20-day historical volatility of SPX (HV20),

It's Fed Day, and markets are little changed heading into the opening. We're still watching the Middle East, too, as Iran refuses to surrender.