...notice that the years with similar levels were years of the...

...notice that the years with similar levels were years of the crash or which preceded the crash.

...Maximum complacency and euphoria won't end well.
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The long-run Bliss/Panic Index decreased to .43 from .45 the week prior, and investor sentiment remains euphoric.

Only years of similar levels include 1987, 1999, 2007, 2008, 2014, 2018, 2021, and today.

Markets can remain both in bliss/panic for extended periods

https://x.com/MacroEdgeVision/status/1781853750044381367