A long period of sell-offs is looming in the stock market, while there may be a few short-term rallies that will not change the trend in the long term, experts say. Market players - from private investors to funds - are showing a risk aversion similar to that seen at the beginning of the pandemic two years ago. That said, according to the University of Michigan, based on its own research, consumer sentiment is more pessimistic now than it was then. Should a brief rally quickly turn into a downturn, gamers' fears will only intensify, pushing them to be even more cautious. The situation is aggravated by the fact that at the moment the world central banks are focused not on supporting the economy, but on its tightening in order to fight inflation. The S&P 500 was down as much as 20% at the end of last week, but the Fed and regulators in general are now in no mood to attach much importance to a decline in the stock market as the focus is on a record price hike.