S&P 500 futures suggest the market might avoid breaking below Wednesday's low despite the bearish close—but here's the thing, it's not a fundamentals play this round. Pure technicals. The equities put/call ratio just spiked to 0.92, marking its highest point since June. When you see that kind of spike in the put/call ratio, it typically signals elevated fear and potential capitulation among traders. The math checks out: elevated protective hedging combined with the technical setup points toward consolidation rather than fresh downside. Worth monitoring how the market responds over the next session.