The NYSE Cumulative Advance/Decline Line rose enough to set a 52-week high on Thursday, leading the S&P 500 and other major indexes.
When it did so, the S&P usually set a new high within a month or two (it took an average of 34 trading days), and future drawdowns tended to be limited relative to maximum gains.
The AAII Bull Ratio has been below 45% for 5 straight weeks, adding to their streak, the longest stretch since February 2016. The 5-week average is now 40.1%. Per the Backtest Engine, a 5-week Bull Ratio this low during a bull market environment preceded gains in the S&P 500 over the next 3 months after 64 out of 64 times.