Less greed and more warnings

Our proxy model of the CNN Fear & Greed index is showing much less enthusiasm now than it did in January when it reached an exceptionally high level. It’s a sort of behavioral divergence. This hasn't triggered very often but upside was capped when it did.

And over the past year, the Hindenburg Omen on the NYSE has triggered 7 times. There have been larger clusters, but this still ranks as a tumultuous period. Again, this typically resulted in poor returns.

See this report for more detail.