Before revision:  Further, a functional of the relative entropy measure acts as a good gauge for the "market fragility" (minimum risk of the market portfolio) and the "market fear" (volatility index). This new methodology helps us to better understand market dynamics and characterize the events in different phases as anomalies, bubbles, crashes, etc. that display intriguing phase separation and universal scaling behavior .
After revision:  Further, a functional of the relative entropy measure acts as a good gauge for the "market fragility" (minimum risk of the market -- important for managing risk and stress-testing the financial system. Our methodology would help in understanding and foreseeing tipping points or fluctuation patterns in complex systems .