The higher the $Nasdaq100 Bull 3X ETF(TQQQ)$ and $Nasdaq100 Bear 3X ETF(SQQQ)$ S&P 500, the more likely the bearish investors are likely to have to start buying, further pushing the market up. At the beginning of this year, the stock market has crossed the wall of worry and is approaching a bull market. Now the interesting part begins. 

Entering 2023, the skeptical person believes that the stock market is expected to fall as the "bear market rebound" has been shaken from the October low. The Fed has been rapidly raising interest rates, raising all capital costs from startups to banks. The economy is slowing so that the recession has become a matter of time, not whether it will happen. 

The $Apple(AAPL)$ company's profits have stagnated, and a few stocks outside of large technology companies are in trouble like $Citigroup(C)$ . Despite the potential weakness, the S&P 500 seems expensive, especially given where profits appear to be heading. What's even more disturbing is that the index doesn't seem to be able to break through 4200, which shows that some unknown risks limit the upside of the market.

However, despite all this, the debt ceiling deadlock, the small banking crisis and potential profit declines, the market has stabilized. The bears clearly forgot that stocks are always looking forward, not backwards. All concerns about the possible recession cannot hide the fact that the S&P 500 has experienced a bear market in 2022.

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