Fear Rising, Bears Still in Control as $SPX Bounce Fails at Key Levels
The market's inability to build on oversold conditions points to a fragile backdrop. For now, every failed bounce strengthens the bearish case.
$S&P 500(.SPX)$
Fear is rising after an extended period of dumb money confidence, which usually precedes declines.
Sentiment indicators like Fear & Greed or Smart/Dumb Money do not time turning points like price action, but they signal when to stay in defensive mode, like today.
Technical bounces following a sell-off are normal, but today's bounce completely vanished, validating the bearish thesis.
Not even the daily level of $7,431 posted last night for everyone subscribed was recovered. The chart remains bearish and suggests a continuation lower.
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