Extreme swing in sentiment (ht @sentrade)
Sentrade, who tracks the daily sentiment of the S&P 500, sent out the following tweets tonight.
"S&P increased from 37% to 50% Bulls today. A daily increase of 13% Bulls is extreme and rare."
"Since the 2009 lows, S&P increased by 13%+ Bulls in a day five times.'
"In each case, the market closed lower within six trading days."
I have labeled the dates on the weekly S&P 500 chart. With the exception of 1/2/2013, the rare 13% increase in daily bull sentiment resulted in a complete reversal of the entire up thrust move in 8 trading days or less.
"S&P increased from 37% to 50% Bulls today. A daily increase of 13% Bulls is extreme and rare."
"Since the 2009 lows, S&P increased by 13%+ Bulls in a day five times.'
"In each case, the market closed lower within six trading days."
I have labeled the dates on the weekly S&P 500 chart. With the exception of 1/2/2013, the rare 13% increase in daily bull sentiment resulted in a complete reversal of the entire up thrust move in 8 trading days or less.
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