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It looks like we may very well get by here by the hair of our chiny chin chin... provided that the S&P500 does not close below its prior closing low of 848, our macro model will register this as a positive data point, on the margin. Everything that matters in our models happens on the margin.

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.