Two weeks ago we hit a bullish extreme that was burned through sideways (we are essentially flat over the last 2 weeks on the DOW/SPX – as of this morning – since the bullish extreme was hit):
This week, bullishness has dropped materially (down to 33%), neutral has elevated to its highest level in months (46%), and bearishness remains at extreme low levels (20% – as complacency is still high).
The only extreme is the bearish number being so low, but the bulls have “curbed their enthusiasm” – which does not give us much value from this week’s read (one way or the other). We will give more weight to other fundamental and technical data points we track this week – as this sentiment report is inconclusive.
