See how Equity MF + ETF fund flows positive into $SPX peaks in 2000, 2007 and 2015. Now, negative flows the past 3 quarters. Those negative flows have mostly corresponded to future $SPX gains
From Dave Lutz at Jones Trading
Source: @DavidInglesTV
A 20% decline for the market, representing the typical definition of a bear market for an asset, hasn’t occurred in years (see chart below), according to Goldman, and may be halting for investors that have grown accustomed to this current phase of mostly levitating markets.
A stock-market bear signal is at a more-than-4-decade high, says Goldman
Mark DeCambre
https://www.marketwatch.com/story/a-stock-market-bear-signal-is-at-a-more-than-4-decade-high-says-goldman-2018-09-06
