Wall Street attempted to recover on Tuesday after a rather harrowing start to the week.

The (simple) question on everyone’s mind was this: “Have we seen the worst of it?”

JPMorgan’s Thomas Salopek asked just that in a new note. His answer, in a word, was “no.”

The bank looked at a series of signals which historically indicate the bottom’s in. According to that analysis, “the full set of ingredients of a market bottom” isn’t yet present. Among other indicators, JPMorgan cited the slope of the 20-day moving average and the put/call ratio, both shown below.

If the slope of the 20-day were flattening out, it’d suggest “the floor is starting to firm up,” Salopek remarked. That’s not the case currently, and JPMorgan reminded investors that the S&P didn’t breach the 200-day.

“The rationale to buy the dip is also unconvincing according to the put/call ratio, where we would expect to see higher levels at market bottoms,” Salopek went on.

Of course, hedging activity did pick up. And rather dramatically at that. Traders flocked to tail hedges in panicked droves in recent days, as evidenced by a historic surge in vol-of-vol and the VVIX’s wild outperformance to the VIX, among other indicators.

The figure below shows a measure of tail hedge costs. It soared on Friday and Monday, only to collapse on “turnaround Tuesday.”

Similarly, the VVIX plunged more than 30 points on Tuesday after exceeding 190 during the worst of the prior session’s chaos.

If you ask SocGen’s Manish Kabra, there’s nothing to panic about here. “We expected a soft patch for the S&P in Q3 on the back of seasonality, peak EPS growth for the Nasdaq 100 and US policy uncertainty,” he wrote. “In our view, an equity correction (not a crash) is no reason for the Fed to panic.”

No indeed, and by midday Tuesday, calls for an emergency Fed cut seemed borderline farcical. That’s not to suggest we won’t turn around by the end of the week and see the major US benchmarks another 5% lower, it’s just to say the idea of the Fed rushing in to protect the S&P down all of 9% from record highs seems ridiculous.

“The social media panic in response to a not even 10% equity market correction was remarkable,” JonesTrading’s Mike O’Rourke chided. “The actual equity market selling was mild relative to the panic expressed [and] the assertions that the FOMC made a policy mistake by not cutting last week… were over the top.”

I have to agree with Mike. Maybe the great global carry unwind will indeed manifest in another bout of panic that eventually morphs into something serious, but the rationale for emergency action from the Fed isn’t there, and that’s putting it politely.

All the same, JPMorgan’s cross-asset strategy team advised caution. “There is good reason to worry about this correction,” Salopek wrote. “[I]t is too early to look to buy a market dip.”

The bank’s trading desk offered a somewhat different take. “Overall, we think we’re getting close to a tactical opportunity to buy,” John Schlegel, the bank’s head of positioning intelligence, said. There were caveats aplenty. A sustainable rebound’s contingent on the balance of the upcoming macro data, Schlegel told clients, adding that “it’s still hard to give the ‘all clear’ to Tech specifically.”