In fact, a stock market sentiment model from the firm called the Levkovich Index has now reached euphoria levels, which typically heralds a fall in equities, the firm's U.S. equity strategist Scott Chronert wrote in a Thursday note.
On a median basis, that gauge suggests equities could decline 8.9% over the next 12 months, a drop that would put the S & P 500 around 4,780.
The broad market index was last above the 5,200 level, having already breached Chronert's 5,100 year-end target.
.SPX YTD mountain S & P 500 Chronert is not the only one concerned about a stock market pullback from current levels.
Last week, the S & P 500 information technology sector was down 1.26%.
Persons:
Scott Chronert, Chronert, CNBC's, turing, BTIG's Jonathan Krinsky, Krinsky, Citigroup's Chronert
Organizations:
Citigroup, NYSE