A month of recovery

 The S&P 500 is up over 19% in the last 27 trading days, one of the greatest comebacks in market history. 

After trading at some of the most extreme oversold levels we've seen in years back in April during the tariff crash, major US index ETFs have all moved in lock-step up into overbought territory except for the Dow 30, which has been weighed down by a 48% drawdown in UnitedHealth (UNH) since April 11th. The Nasdaq 100 (QQQ) is the only one that's at "extreme overbought" levels, which means it's more than two standard deviations above its 50-DMA. 

And Jim Cramer once again called it. His “Black Monday” warning was perfectly coincided with the exact bottom of the market. Since then, the S&P 500 has entered a bull market. 

Or just looking at the sentiment. Two pictures (one slightly more data driven…) that tell the same story.

 Sources: Charlie Bilello, Barchart, CNN, unknown