The 21% jump in exposure on the NAAIM Mean is a ST Sell. Anything above 90 is a warning sign too, though I view the Median exposure levels as more meaningful. That's ST Neutral, but IT Bearish at 100. 75% of Advisors are 100% or more long. 100% of advisors are at least 80% long.
That's worrisome, though not infallible and often early.