In the field of behavioral economics, there is a concept called "loss aversion." This was first identified by Kahneman and Tversky in 1979 and refers to the tendency of investors to prefer avoiding losses to acquiring gains. This principle is sometimes characterized by the comment that people feel the pain of lossed to a greater degree than they experience the joy of a gains.
This is an interesting concept to consider in the current market, one where the pain of losses is still fresh in the minds of many. Typically, this is one of the reasons that V-shaped bounces tend to fail in bear markets. The fear of a possible loss will typically outweigh the anticipated joy of gains and will push market players to the sidelines.
If this concept is allowed to progress too far then market players would never take any risk because there is always some potential for loss. To deal with the problem we have to look at the risk of loss and make a hard, cold calculation whether it is at an acceptable level.
My view is that risk levels are far too high right now to put any substantial amount of capital at risk. Those with very long time frames dismiss that calculation because they are willing to accept the risk that their stocks could drop a significant amount before they eventually rally and move higher.
I believe that the only way to reduce risk is to wait for better chart patterns. V-shape chart moves are very high risk because there is no obvious support and when momentum reverses the drops can occur quite suddenly.
A failed bounce at this point helps to create much better potential entry points as there is an obvious support level and less overbought conditions. A prudent investor may feel some "fear of missing out" if they don't chase a V-shaped move but it just isn't an acceptable risk if you respect the charts.
While there appear to be quite a few folks that think a V-shaped move is possible, I believe that trade is just too risky to take. I'd rather miss out on the joy of the gain that may come from chasing a V-shaped move rather than risk the pain of being wrong.
We will likely have some volatility into the close Tuesday as the end of the quarter moves are made. There is no way to know what exactly will happen so either you have to stand aside or make sure you are prepared for some sizable swings.