Also, there has been a lot of hoopla recently about the strong shift within the last couple of weeks from very bullish sentiment to very bearish sentiment. And while it is a relevant and useful short term observation, it bears being put into perspective.
And we are still on the much more bullish side of long term sentiment right here:
Again, do not misunderstand what I am saying. I am not saying this is "THE TOP". But I do think we have a significant top in the formation process. I am not expecting a crash, more like consolidation for the next year or so.
For a good discussion on some more long term sentiment analysis, see this post: The BPSPX and the Secular Bear Count