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On The Warning Track of Bullish Lunacy

Posted on December 22, 2021 by Vlad

Hey Traders,

while all the technicals were addressed in Daily Market Summary, it is also worth looking at the market sentiment via good old friend BPNYA – NYSE bullish percent Index.

Orange – warning track of overly bullish sentiment
Red – “bullish lunacy” level, rarely seen bullish sentiment frequently resulting in market reversals.

While May / June double top of sentiment reached 75.5 reading, highest in at least 4 years, it is evident that more upside in sentiment and markets is possible, but historically one should be very cautions on the “warning track” and especially the ” bullish lunacy” zone.

Cheers

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