Investors Skeptical of Oversold Stock Market's Potential Relief Rally

The U.S. stock market continues to decline despite being oversold, with potential buy signals emerging but not yet confirmed. The market remains in a defined downtrend, with resistance levels at 4330 and 4400. Support is near 4200, and the market is still below its oversold condition. Equity-only put-call ratios are on sell signals, and breadth indicators remain negative. The NYSE-based "New Highs vs. New Lows" indicator is bearish, and some stocks are hitting new lows. The volatility complex is showing some weakness, and the construct of volatility derivatives is a cause for concern. Overall, a "core" bearish position is being held, with no confirmed buy signals yet.