My work and key indicators remain unfavorable now that a “Dovish Pivot” by the Fed has been definitively taken off the board, and for now equity market downside risk is considerable. The ASM indicator for the S&P 500 is still falling and looks to need more time to reach its maximum pessimistic reading for this cycle. Historically, this does not bode well for the equity market and efforts of looking for a bottom have proven premature. The process of fighting inflation, slowing economic growth, lowering forward profits expectations, and rerating valuation multiples lower takes time and usually lower equity prices. Yes, at some point, key indicators and pricing metrics will all become extreme at the same time, which will signal that bad news will be overly discounted, but my analysis suggests that an important confluence of events is still on the horizon.