Technically Speaking, Stocks Look Vulnerable

The dreaded Hindenburg Omen, a technical indicator that has preceded stock market swoons, flashed several times in January and February. Sure enough, the S&P 500 had a 5% peak-to-trough drawdown in two weeks and the market’s so-called fear gauge, the VIX, jumped Monday to its highest since last year’s “Liberation Day” scare. Unlike some anonymous Polymarket traders, though, the omen named for the doomed German airship couldn’t have known bombs were about to fall on Iran.