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Investors have grown very bearish of late, reflected by a high VIX and low AAII sentiment.  At the same time of these sentiment extremes, the 500 index is on a support line that dates back to the 2009 lows.  Support is support until broken and in the past this combo of a high VIX/low bullish sentiment has usually brought about MUCH higher prices.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past