Big earnings from Apple (AAPL) last night after the close and Boeing (BA) this morning have pushed the Dow futures sharply higher. While the gains aren’t as large in the S&P 500 and Nasdaq, they are also both pointing in the right direction for bulls. Now, all we have to do is get through this afternoon’s rate decision from the FOMC and the subsequent press conference. The number one wish from the bulls for Fed Chair Powell? Stick to the script and end the record streak of declines on FOMC days since he became the Chair!   

Even as the equity market has recovered in January, the percentage of consumers who are bullish on the market declined to 30.9%, which is the lowest reading since July 2016. Even more extreme, the percentage of consumers who are negative on stock prices increased to 38.6%, which is the highest reading since December 2012!

Like a lot of sentiment measures, this reading from the Consumer Confidence report also tends to be contrarian in nature. The last time the spread was this skewed to the bearish side was in February 2016, and if you don’t remember, that was right around the lows of the 2015/2016 market correction.