TKL:

This metric uses S&P 500 forward P/E, the Volatility Index, $VIX, and the bullish sentiment from investor surveys.

The indicator has now exceeded the previous record posted during the 2000 Dot-Com Bubble.

Market sentiment has gone from depressed levels to euphoria in just 2 years.

During this time, the S&P 500 has risen by 50% and reached 56 all-time highs.

Bullish sentiment is unbelievably strong.