The NAAIM Exposure Index stands at 95.64, signaling that active managers are strongly bullish on U.S. equities. High bullishness doesn’t automatically mean an imminent decline, but it increases the risk of a sharp move if sentiment shifts.

The National Association of Active Investment Managers Exposure Index represents the two-week moving average exposure to U.S. equity markets reported by NAAIM members.

Image: NAAIM