Using monthly final Consumer Sentiment Index data and monthly levels of the S&P 500 Index during January 1978 through February 2018 (482 monthly sentiment readings), we find that: (cxoadvisory.com)
The 44 periods with bullish sentiment readings more than two standard deviations above average were followed by a six - month fall in the S&P 500 only 48 % of the time. (greenbackd.com)
On a six - month basis, the S&P 500 rose 60 % of the time following a bearish sentiment reading more than two standard deviations above the historical mean. (greenbackd.com)