Short-Term Sentiment Market Indicators Remain Bullish
The CNN Fear/Greed is at a bullish 17, signaling the market should go higher for the short-term. Ned Davis Research (NDR) short-term sentiment at 39 remains bullish but not quite as bullish as a week ago when it was at a very oversold 20.
Intermediate sentiment indicators are on the bullish side but not quite as optimistic. The Investors Intelligence survey of more than 100 market newsletter writers is at 42.5% bulls and 19.5% bears, a somewhat bullish indicator from a contrarian point of view. At what level would this sentiment gauge signal a major new market advance? That would be when bullish and bearish sentiment are about the same. Meanwhile the NDR intermediate crowd sentiment index is in between a strong 40 buy level and very bullish 70 level from a contrarian point of view.