Chart of the Day - Tuesday, June 18th, 2019
Today's chart of the day was shared on Twitter by Michael Antonelli of Baird (@BullandBaird). It's a chart of the S&P 500 in blue and the NDR Daily Trading Sentiment Composite in red. Antonelli notes that this indicator was signaling "extreme pessimism" as of yesterdays close. Meanwhile, the S&P 500 is less than 2% away from all-time highs. Sentiment, at extremes, tends to be a contrarian indicator. The financial media has given investors plenty of reasons to be on the sidelines, and yet the market continues to drift higher. Could pessimistic sentiment help propel this S&P 500 to all-time highs?