Short-term sentiment indicators are mid-range this week. The CNN fear index is at 47, while the short term NDR sentiment is at 52. We use these indicators as guides to which way the market will go. Since they are in neutral territory this week they are not giving us a way to judge market direction
Long term sentiment remains stubbornly high. NDR crowd sentiment is at 62, which is on the lofty side.
The Investors-Intelligence bulls/bears came in it at 52% bulls and 19% bears, which remains high. The spread also remains a bit wider than we would like, continuing to show intermediate term complacency.