As of November 21, 2025, the Fear & Greed Index sits at a stark 11 — officially in “Extreme Fear” territory and matching the lowest level seen all year.
For context:
- Yesterday: 15 (still Extreme Fear)
- Last week: 22 (Fear)
- Last month: 33 (Fear)
- Last year: 88 (Extreme Greed)
In just twelve months we’ve gone from euphoric highs to outright panic. The speed of that reversal is breathtaking.
What Extreme Fear usually means
- Margin calls and forced selling are accelerating the downside.
- The VIX is almost certainly spiking, put buying is through the roof, and cash balances in brokerage accounts are surging.
- Almost nobody wants to buy, which, paradoxically, is often when the best long-term opportunities appear.
History doesn’t repeat, but it rhymes. The last times we saw sustained readings this low (March 2020, December 2018, June 2022), the market was either at or very close to important bottoms. That doesn’t guarantee an immediate V-shaped bounce tomorrow, and also sometimes fear can stay irrational longer than you can stay solvent, but it does mean the probability of a violent upside reversal in the coming weeks or months has just gone up materially.
If you’ve been waiting on the sidelines with dry powder, the discount rack is officially open, and the prices are some of the most attractive we’ve seen in years. If you’re already fully invested and feeling queasy, remember that this is the exact emotion the market wants you to feel right before it rips your face off to the upside.
