The weekly on-balance volume (OBV) made its high in February but formed a lower high in May (point 2), just barely making it above its flat weighted moving average (WMA).

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Bearish sentiment is back to being more than one standard deviation above average, making it unusually high, but not extraordinarily so.

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It then pulled back some but remained at a high level, above 50%.

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The Dow Industrial Average ended last week at 12, 596, up 8.8% year to date, but it is only 1.7% above its February 18 high, after testing a new multi-year high at 12, 876 on May 2.

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