杰富瑞：多项技术指标显示投资人过度悲观，美股将展开反弹行情

Core Viewpoint - Jefferies analyst Michael Toomey indicates that multiple technical indicators suggest that investor sentiment is overly pessimistic, and a rebound in the U.S. stock market is imminent [1] Group 1: Technical Indicators - The put-call ratio for the S&P 500 has surged to a near-term high, reflecting extreme pessimism among investors, as it shows the comparison between the number of put options (hedging tools) and call options (bullish tools) [1] - 17% of technology, media, and telecommunications stocks are showing oversold signals, which typically indicates that the current downtrend may be nearing its bottom, as historical data shows this percentage usually peaks in the low twenties [1] - The bearish sentiment among retail investors has reached a 12-month second-high, with 49.1% of individual investors surveyed by the American Association of Individual Investors (AAII) expressing bearish views, exceeding bullish views by nearly 18 percentage points [1] Group 2: Investor Sentiment - The CNN Fear and Greed Index indicates that investor fear has reached its highest level since the "Liberation Day" tariff storm in April [1] - Toomey cautions that market sentiment is only one reference indicator, and if fundamental conditions deteriorate, such as a hawkish shift from the Federal Reserve, a collapse in the job market, or a decline in corporate profits, the current downtrend may just be the beginning [1]