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The daily chart shows the high downward momentum in the S&P 500 since the historical high at 4,611 points. The S&P 500 had been massively overbought for weeks and was able to continue to rise in an exaggeration that occurs from time to time on the stock exchange.
This overbought is now being reduced, as also shown by the falling Fear & Greed Index, which has come back from the extreme greed quantile to the current greed area. But there is room further down into the neutral, fear and possibly extreme fear quantiles.