The first week of September is already in the books.

On the surface, it looked like one of those weeks where not much really happened. That’s been the story for most of August too. But under the hood, there’s been plenty of action and a fair bit of volatility.

Still, the market managed to climb higher, finishing the week up +0.33%.

It’s now been 100 trading days since the S&P 500 bottomed in April.

Since then, the index is up more than 27%. Depending on who you talk to, either people have stopped caring about Trump’s tariffs, or they just don’t think they’re a big deal anymore.

Either way, that kind of move doesn’t happen often.

When the S&P 500 is up 25% over 100 days, history says good things usually follow. It’s only happened 12 times since 1950, and three months later the market was higher every single time. A year later, it was higher in 10 of 11 cases.

Here’s another fun stat: since 1950, there have only been 10 other times when the S&P was higher in May, June, July, and August. And 80% of them, finished the rest of the year and even the next 12 months green. So yeah, this bull run still has room to run. Until something changes, the default stance has to be (cautiously) bullish.

You would think that this along with the combination of all the major indices at all-time highs that investors would be extremely bullish.

With the S&P 500, Nasdaq, and Dow all hitting record highs, you’d expect investors to be full-on bullish. But the opposite is the case. For five weeks in a row now, there have been more bears than bulls.

Even though this has gone on for 5 weeks…..