According to @KobeissiLetter, although the S&P 500 is only down 6% year-to-date, the prevailing market sentiment reflects a more severe drop of 20% or more. This discrepancy is attributed to the significant decline of over 20% in most large cap tech stocks, which heavily influences overall market sentiment. Traders should monitor sentiment as it may serve as a leading indicator for future market movement.

According to @KobeissiLetter, while the S&P 500 has only decreased by 6% year-to-date, the market sentiment reflects a much larger decline of over 20%. This disparity is attributed to the significant drop in large cap tech stocks, which have indeed fallen by more than 20%. Traders are advised to monitor sentiment as a potential leading indicator in this context.