Sector and Index Sentiment Update 4/21/25

Bitcoin Continues Higher and Currency Sentiment Becomes Stretched

Summary

Bitcoin has continued higher following the previously noted bullish divergence in the DSI % Bullish. There’s been a big drop in sentiment for the VIX, which has fallen to the level when VIX was last under 20. Currencies are seeing stretched sentiment levels with the USD is breaking its 2024 low while % Bullish is above 35% and the Franc, Pound, and Euro all have elevated DSI readings. On the commodity side, natural gas is showing a very low reading, near the low of 2014.

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Sector Sentiment Spread

The Spread went from -8 to -16 over the last week as Defensive Sentiment continues to move higher. The counter-trend bounce in the S&P 500 occurred while Defensive Sentiment remained above Offense Sector Sentiment suggesting less of a likihood it was sustainable.

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