Market Euphoria Index - MEI - Predict Market Tops & BottomsA composite macro indicator designed to peak BEFORE major equity market tops — not during the crash.
Most "fear & greed" gauges are coincident: they spike with the panic, not before it. The MEI flips that. It measures how much euphoria and late-cycle stress have built up over months of bull market, so it tends to peak in the run-up to a top rather than at the bottom.
What it captured historically (visual backtest on monthly SPX):
— Climbed into the red zone ahead of the August 1987 top
— Peak
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