US equities are facing volatility as the S&P 500 oscillates between corrections and yearly highs. Indicators like the VIX, currently around 21, suggest we are not yet in crisis mode; typically, values above 27.3 indicate heightened volatility. Recent market behavior aligns with past trends where spikes in the VIX correlate with stock performance. The S&P 500's P/E ratio of 19.9 indicates the market has somewhat priced in a slowing economy, but consumer sentiment has notably decreased by 22% since December. As recession fears rise, analysts question if US stocks have reached their bottom. The upcoming Federal Open Market Committee meeting is anticipated to maintain interest rates, leaving investors uncertain about market direction. Overall, signs do not yet confirm a definitive market low, implying caution for investors in the current landscape.

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