Evidence continues to mount as to how bullish sentiment is right now.

JPMorgan data shows stocks now account for 41 per cent of Americans’ total financial assets – the highest level in history.

According to Topdown Charts’ Callum Thomas, an indicator tracking leveraged ETF trading, activity has now “moved into the risk zone”, while assets under management in leveraged ETFs is at all-time highs.

Investors’ Intelligence polls, which measure investment newsletter sentiment, show bullishness is at extreme levels.

Not all sentiment metrics point to euphoria, but as Thomas notes, many do suggest a “frenzy to chase evermore gains.”