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The SPDR S&P 500 ETF Trust (ETF) ($SPY) is sharply higher in trading today. However, market sentiment seems to be turning bearish on SPY.

As the table below from shows, for the week ended May 20th, SPY had the highest outflows.

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I have noted before that SPY looks significantly overvalued and a pullback is likely especially after a rather disappointing earnings season. A potential rate hike by the Federal Reserve at its next meeting in June would further weaken the case for SPY. I continue to remain on the sidelines.