Well, quite a change in sentiment this past week. Bullish sentiment dropped from 50.7% last week to currently 42.0%. Meanwhile bearish sentiment rose from 29.1% to currently at 34.3%. I present two charts below comparing the SPX to bullish sentiment and SPX to Bull / Bear spread. As you can see below, both have correlated very well. Two thoughts I have is that (a) this market is truly set for a decent correction and (b) the correction will be fast and if you blink you may miss it. The reason I say it may be fast is the fact that bearish sentiment has moved up so fast and the market still makes new highs. Regardless of my view / interpretations, the data speaks for itself.
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