Sentiment Split Deepens: Oversold Tech, Rebound Signals Build

TopdownCharts
04-07

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$

Learnings and conclusions from this week’s charts:

  • Investor Sentiment is down, Economic Sentiment is up.

  • Markets appear to be following the Trump Weave.

  • Oil Shock Analogs highlight the worst case.

  • Tech sentiment is deeply oversold.

  • Global equities are up from oversold +positive April seasonality.

Overall, there seems to be a growing body of evidence for a rebound.

1. Sentiment Survey Composite

the combined surveys (4 different surveys) investor sentiment signal is now into net-bearish territory — this is a stark contrast to one of the most consensus bullish optimism readings around the turn of the year.

2. Economic Sentiment

meanwhile the combined surveys (7 surveys) Economic sentiment signal is net optimistic and trending higher. This is a positive sign for the bulls, basically it says the economy is doing fine, and markets are doing their usual greed-to-fear oscillations.

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