At 79.49, the latest NAAIM Index shows active managers remain bullish on U.S. equities, confident but not euphoric, even as the S&P 500 hits a record high. Confidence without FOMO usually keeps rallies healthy.

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