Tuesday wasn't exactly a red-letter day for equity markets. The S&P 500 continued its downward drift, losing 0.14% to close at 6,896.24 and extending its losing streak to three consecutive sessions. The Dow Jones slipped 0.2%, shedding around 95 points to finish at 48,367.06, while the Nasdaq Composite dropped 0.24% to 23,419.08.

The market's mood? Pretty much meh. The CNN Money Fear and Greed Index ticked down to 48.9 from Monday's 49.1, holding steady in the "Neutral" zone. This metric, which tracks sentiment across seven equally weighted indicators on a scale from 0 (maximum fear) to 100 (maximum greed), suggests investors aren't panicking, but they're not exactly enthusiastic either.

On the bright side, FONAR Corp. (FONR) shareholders had a spectacular day, with shares rocketing up around 27% after the company confirmed its take-private deal.

Economic data delivered mixed messages. The Case-Shiller Home Price Index showed 1.3% year-over-year growth in October, slightly below September's 1.4% but above the 1.1% economists expected. The FHFA house price index rose 0.4% in October, reversing September's 0.1% decline and beating the 0.1% forecast. Meanwhile, the Chicago Business Barometer jumped to 43.5 in December from 36.3 the prior month, handily topping expectations of 39.5.

Most S&P 500 sectors ended in the red, with consumer discretionary, industrials, and financials taking the hardest hits. Energy and communication services bucked the trend, posting gains as the rest of the market struggled.

Understanding the Fear and Greed Index

The Fear and Greed Index operates on a straightforward premise: excessive fear tends to push stock prices down, while excessive greed drives them up. By synthesizing seven market indicators into a single reading, it offers a quick temperature check on investor psychology. Right now, that temperature is lukewarm at best.