Fear & Greed is an upside-down “index”. It solely tracks Retail, so it’s a dangerous metric, since Retail is people who are emotionally attached to high time preference. As opposed to people who get a paycheck whether they make money or not, or whose lives don’t change whether they invest well or whether they wait. So basically (imo) Fear is simply when Retail has no money to spend, and Greed is when they have it. And that said, when Retail is gutted, Institutions have done their job and will soon step up and start buying. But probably not too soon, unless there’s nothing else.