Intermediate Term Sentiment is Not Outright Bearish

Last week short-term sentiment backed off a bit, and the fear/greed gauge moved down to 55 from the mid 60’s. The NDR short-term composite came in at 70, which is a sell.  I would rate the short term as being mildly negative.

Intermediate-term sentiment is not outright bearish. NDR crowd sentiment is at 70.
Bullish newsletter writers are at 60% and bearish writers are at 18%, creating one of the widest
spreads of the year between the two groups. Having the majority of market participants so aggressively leaning in one direction is a very negative development.

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