Just thought I’d put this here as an update to a previous post I did. Jerome Powell has testified to congress and the market got excited again. The previous post I made was when the Fed had a meeting and that timed a short term top. The Nasdaq and S&P are bit higher, the Dow lower than back then. But as we can see from the chart traders seem to get really excited about fed meetings!
The VIX is in the low 12s and the daily sentiment index is about 70 for Monday. Investors intelligence sentiment is 52% bulls and 18% bears. So the market is still very complacent and optimistic which is compatible with a top.
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