Related: Central Bank Is “Bordering on Going Too Far” With Rate Hikes,” Says Fed President

Still, the recent extreme reading in the aforementioned Investors Intelligence survey could be a sign ETFs like SPY are ready to add to recent gains.

“The data confirms our eyes. The S&P 500 averages a gain of 8.76% over the next six months after these signals, with three-fourths of the returns positive. The second table shows the typical six-month return has been 3.88%, looking at anytime data since 1965, with about 68% of the returns positive. Looking at the three- and six-month returns, the summarized returns after a signal beat the typical returns in every single data point, from average return to average negative,” according to Schaeffer’s.

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