UBS Bull-Bear Indicator Reaches Highest Level Since December 2020

Chainthink

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Summary

On July 23, 2026, the UBS Bull-Bear Indicator rose to 9.6 points, reaching a resistance level not seen since December 2020. The indicator, which monitors fund flows, equity positioning, credit conditions, and market breadth, is now at its third-highest level in 24 years. A 0.5 percentage point decline in fund managers’ cash holdings, pushing the ratio to 3.6%—near a 13-year low—drove the increase. This movement indicates strong market positioning above key support levels.

ChainThink reports that on July 23, according to Kobeissi Letter, the Bank of America Bull & Bear Indicator rose to 9.6, the highest level since December 2020 and the third-highest level in 24 years, indicating that market sentiment is in an extremely optimistic range.

This indicator measures inflows into stock and bond funds, fund managers' equity holdings, credit market conditions, and market breadth.

Analysis indicates that this rally was primarily driven by a decline in fund managers' cash allocations, which fell by 0.5 percentage points month-over-month to 3.6%, nearing the lowest level in 13 years.

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