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Bullish sentiment in the US stock market looks extreme, advises Francois Trahan of Trahan Macro Research. “I’ve been tracking the bull/bear spread from Investor Intelligence for as long as I can remember. It’s not the type of thing I look at every week or even every month, but when it feels like sentiment is extreme, I like to be able to quantify it and this is a great tool for that,” he writes on X.