What’s the most important indicator of a bear market bottom? It’s turnover. A lot of people think turnover just means a few months of sideways consolidation, but that’s a shallow understanding. True turnover not only requires a long period of consolidation, but also massive volume, with the big players accumulating while retail investors cut their losses. If retail investors haven’t sold off in large amounts, it means emotions haven’t hit rock bottom yet. Retail investors aren’t in despair, and if they don’t sell, how can the big players buy in? Without turnover, the bear market isn’t over, and the bull market definitely won’t begin.