After 11 consecutive weeks of more bulls than bears, Bespoke Market Poll participants finally turned a little more bearish over the weekend as the S&P 500 surged to extreme overbought territory. As shown below, 51% of participants said the S&P 500 would be lower one month from now, while 49% said it would be higher.
The collective response of our participants has been pretty good lately. Just after the election in November when Fiscal Cliff worries popped up and the market tanked, things looked bleak, but that's when our poll participants turned their most bullish. Now that everything seems hunky-dory again, poll participants have become skeptical that the rally can last for another month.