$S&P 500(.SPX)$ is at Extreme Fear, but make no mistake, during 2022 this level may have preceded bear market rallies, but price continued setting lower lows printing a painful bullish divergence that ended in October 2022.
$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ $iShares Russell 2000 ETF(IWM)$
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$SPDR S&P 500 ETF Trust(SPY)$ : The daily chart lacks immediate support, aside from the low-volume shelf where price briefly paused today. Despite this, the strong bearish candle suggests continuation; a likely test of the lower Bollinger Band, consistent with a [painful] bullish RSI divergence.
Lower high is coming!
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