Composite equity relative sentiment (CERS) held steady at 63% last week, a bullish reading.

Since 1994 (2018), the market has annualized 21% (31%) with a Sharpe ratio of 1.4 (1.8) when CERS is between 60% and 80%. 

CERS looks like it will stay above 50% for the near-term, but one thing to watch out for is Retail Commodities Sentiment, which is in danger of moving out of the Goldilocks Zone and into the inflationary zone (a headwind for equities).