Summary
We knew this moment was coming — and, right on cue, higher prices have put a charge into market sentiment. Indeed, many investors now have jumped to the bullish side of the fence. It’s amazing what price can do to sentiment. When market pessimism is very bad, the only way prices can move higher is if sentiment improves or gets less bearish. So, for now, sentiment is bullish for the stock market. Many of the sentiment indicators cycled into their most-fearful levels between late September and December of last year. The S&P 500 bottomed in October, while the Nasdaq 100 bottomed in early November but almost broke that low in late December.
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Source: https://finance.yahoo.com/research/reports/ARGUS_36726_TechnicalAnalysis_1686308707000?yptr=yahoo&ncid=yahooproperties_plusresear_nm5q6ze1cei