Per the
@stocktwits Sentiment Index, we are finally seeing some Fear in Retail traders. The first bout of real fear since March. This is a strong contrarian-bullish indicator.
Additionally, we are seeing backwardation in the VIX Term Structure (30d - 3mo). Spot VIX (30d) slipping back below the 3-month turns this contrarian-bullish, while renewed spiking argues for defense.