Don't count me among those who've been bearish since mid-October. The long-term complacency indexes were near 0 in September. In October, they were in the 50s and 60s (mid-levels). In late January, early February, the shorter-term CI's were very low, indicating it was time to buy.
At this time, the complacency indexes are high, and my outlook is bearish. But as I said, I'm prepared to be wrong.
In any case, there's been a downtrend recently in the Naz, S&P and Dow. In part, that's the beginning of the "proof" you're looking for. Many bulls didn't get the rally they were hoping for after the rate decision last Tuesday. One clue was to be found in the overbought sentiment indicators. Even today's bounce faded, along with the euphoria.
One new worry to add to earnings prospects, accounting worries, interest rates, etc., might be inflation.
Then there's still the matter of valuations, which the bulls don't tend to address.
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