Is Greed Growing Old?

The bars on the chart are colored red when the Fear&Greed Composite Index (FGIC) is -8 or lower (Extreme Fear) and green when FGIC is +8 or higher (Extreme Greed). 

The Fear&Greed Index Composite
The Composite Fear&Greed Index

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FGIC has remained in the extreme greed zone for almost a month.  It had first entered that zone four months ago, had a pullback, and is up there again.  We see two similar occasions in the past (boxed in red).  Such double tops always preceded pullbacks in the S&P – either minor or severe.

The current double top of FGIC appears to be quite old…

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