I like long M1/M2 spread at -1 or -2 during large drawdown/panics, and get out at 1.0 or 1.5 when fear subsides. Very negative skew but fun with only a few contracts. In this year's drawdowns, I feel like the spread is reluctant to go into negative. Like today, M1/M2 spread is only -0.1ish around close, when SPX is down a lot for the day. It is like traders are expecting volatility to persist more than in the past, so M2 follows M1 more closely. Before when M1/M2 goes deep negative (I think Mar23, 2020 is around -14) the market is about to turn. It is like a speed brake or spoiler for the airplanes. Now the market has less of this effect, and may be more likely to go into a slow grinding down pattern?