Recent market analysis indicates a notable shift in investor sentiment, with the S&P 500 trading at levels not seen since the start of the 2022 bear market. Last week, the index traded three standard deviations below its 50-day moving average, marking the second-largest divergence since the pandemic in 2020. Investor sentiment remains low, with the Investors Intelligence Bulls index at 28.3%, continuing a trend of being below 30% for two consecutive weeks. Surveys indicate that bearish sentiment has outstripped bullish sentiment by over 40% in the latest AAII survey, a level of fear that surpasses 99% of historical readings. Concerns about the job market are also rising, as indicated by University of Michigan data showing increasing unemployment worries. The AIM Model, which previously indicated over 80% bullish sentiment, has significantly declined, reflecting the current bearish outlook among investors.