– Market Risk Index makes a big improvement, but still in elevated territory.
– Missing ingredients for the psychology composite – Surveys. Investors and gurus have been stubborn to give up on the bull market and let their narrative die.
– Short-term psychology is as wound up like we won’t see for another decade. If history is still useful, it suggests short-term capitulation is right around the corner.
– Small-cap valuations – best in a decade.
– A road map for the bear market.
![Market Outlook – A Week We’ll Never Forget](https://www.cypresscapital.com/wp-content/uploads/Research/Reports/20200320-Cypress-Market-Outlook-pdf.png)