There is an immediate term “Trade” setup here of down -1% and up +10% (risk/reward) in the SP500. That's as good as I have seen it in well over a year. See levels and chart below:
Buy "Trade" = 850
Sell "Trade" = 937
Buying into capitulatory selling is what capitalists do. What "they" levering up and buying them at this time last year is their problem, not yours. Be patient. Deploy your hard earned cash at a measured pace.