“Few are asking, ‘what happens if pivot?’ – perhaps a better question is: when sustainable bottom? In other words, this is not March 2020; a recessionary bear market takes longer to bottom; among other things, the economy needs to actually bottom for the market to bottom,” Callum Thomas, head of research and founder at Topdown Charts, wrote in the latest edition of Weekly S&P500 ChartStorm, commenting on data shared by Gerli.