Sentiment screams BUY, but...

If one thing is clear, it’s that sentiment has plummeted even more sharply than the indexes. Jefferies digs in: "We noticed that the AAII Bull-Bear spread fell to -13 this week with the second lowest count of bullish readings looking back over the past 12mo. Now the last few years have been a bit of a peculiar run for this indicator, so we took a look at how the SPX has traded after the spread falls below -10. While there isn’t always an immediate rally, this has typically coincided with a bullish reversal for the SPX. The 60D performance averages nearly 5% and is positive over 80% of the time".