S&P500: As bullish as it gets

New York (Oct 9)  If February 2016 was complete despondency and pessimism for equities, then October 5th, 2017 was borderline euphoria. While we didn't see quite the extreme in sentiment to the upside as we did to the downside during Q1 2016, we're certainly getting close. The S&P 500 (SPY) is tied for the longest monthly winning streak in history, we're in the second longest period ever without a 3% pullback, and a couple of measures of sentiment are getting quite overheated.

What's most remarkable is we've managed to push higher through seasonal weakness (Aug, Sept, Oct), as if we were going to sell off this year, this is when it would have been expected. This has left the market with an RSI period of over 95, and other than 1994/1995 there is no real comparison to a market this explosive with a complete lack of draw-downs.