So far, so good. After last month’s Meta Strategy “buy” signal, the S&P 500 firmly established itself in a consolidation range above its medium- and long-term trend.

Still, many investors feel trapped and fear that the next shoe is about to drop.

Technical indicators currently favor a break above resistance, which is supported by pessimistic sentiment and timid positioning.

But plenty of worries about the economy persist and the strategy remains on high alert for the time being.