The S&P 500 index is experiencing a notable decline in its Relative Strength Index (RSI), with the lowest readings recorded since the Covid-19 market crash. As of April 5, 2025, the weekly RSI stands at 20.6, marking it as the third lowest in the past two decades. The daily RSI is even lower at 19.4, while the monthly RSI is at its lowest since the September/October bear market in 2022. Analysts highlight that these indicators suggest the index has reached oversold conditions, reminiscent of previous market lows, including those seen during the Covid crash in 2020. The current weekly RSI is also the lowest since the market's bottom in March 2020.