HSBC said equity cycle models suggest that US equity markets are now in "sell-off" mode, which typically lasts for a month, with the S & P 500 down an average of 10 per cent. Strategists, including Duncan Toms and Max Kettner, wrote that there was room for further development in the broad US equity correction. They said "sell-off" periods tend to be relatively short-lived and may present opportunities to increase risk exposure at least tactically, but that this is not the time yet, as sentiment indicators suggest it is too early to buy dips.