Looking at a 10 day Put/Call Ratios they are overall mildly bullish at the time ( that is they are closer to a buy signal than a sell )... I use a formula to see how much SPX is overbought from PE vs Growth point of view... It has changed from 25% overbought to only 10% overbought in the last two weeks.. My GDP formula has increased from 2.4 to 2.9 %. Increase in Auto and New Home Sales are the reason why the overbought % has dropped... I was expecting them to be worse... With the increase GDP and lending the market can definitely move higher......
For Sentiment - I look at Rydex Assets... It shows that individuals over the last week have been pulling out of bullish positions and moving into cash... They are not putting $$$ toward bearish positions at this time... Sentiment to me seems Bullish enough that it should give resistance to the market heading too much higher..
Barry