Chart of the Day - Friday, July 8th, 2022

Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). It's a chart of the Wilshire 5000 since 1985, with a 10-week moving average of the percentage of bears from the AAII Sentiment Survey. Sentiment has been bearish all year, but as Arun points out, it's reaching an extreme that has only been seen two other times in the past few decades - 1991 & 2008. In a comment to The Chart Report, Arun said "What is interesting about the '91 spike in sentiment is it came a few years after a large crash ('87), much like what we're are seeing post the Covid crash."