As of November 5, 2025 the NAAIM Exposure Index moved down to 90.06. Investment managers are bullish and continue to follow a similar Exposure Index pattern developed between mid-June 2021 and September 2021.
Based on data shown below the Exposure Index is also in a position that is similar to where it was on August 3, 2016. Following its August 3, 2016 reading the S&P500 declined 3.63% going into November 4, 2016. This was followed by a move up to January 2018. A decline is still expected, but the percentage and duration are unknown at this point.
November 5, 2025
S&P500 – 6796.29
Mean / Average = 90.06
Most Bearish = 0
Most Bullish = 200
Standard Deviation = 40.86
August 3, 2016
S&P500 -August 3, 2016 – 2163.79
SP&500 – November 4 2016 – 2085.18
3.63% decline
Mean / Average = 93.05
Most Bearish = 0
Most Bullish = 200
Standard Deviation = 40.90
Note that this information is for educational purposes only and not a recommendation.
Data source: NAAIM Exposure Index
