How fearful or greedy the tape is, what consumers say about the economy, and how options traders are positioned.
Dashed lines mark the reference bands
Readings below ~0.7 have historically leaned bullish (more call buying); above ~1.0 has leaned bearish/hedging-heavy.
Last 12 months
Pre-2020 long-run average runs roughly 96, for reference.
Weekly %, history builds up over time from this site's own scrapes
Bullish -- / Neutral -- / Bearish --
0 = most bearishly positioned in the trailing 3 years, 100 = most bullish
Stand-in for NAAIM, which moved behind a paid subscription in Aug 2026. Derived from CFTC E-mini S&P 500 futures positioning (Leveraged Funds long minus short, percentile-ranked against its own trailing 3-year range) rather than a manager survey, but reads the same way: high = crowded long/aggressive positioning, low = crowded short/defensive.
The composite gauge sits at 62 — solidly in Greed territory, but well off the 80+ readings that usually mark euphoric, hard-to-sustain tops. Positioning data agrees with the tone rather than the intensity: the put/call ratio has drifted down to 0.61 from 0.68, a five-session average of 0.65, consistent with traders adding call exposure rather than reaching for downside protection.
Consumer sentiment is the more interesting mover — a third straight monthly gain to 68.4 as inflation expectations have eased — but the index is still running well below its pre-2020 norm, so "improving" and "confident" are not the same thing yet. Read together, the setup looks like cautious optimism building from a low base rather than late-cycle exuberance: greedy positioning without the crowding that usually precedes a sentiment air-pocket.