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Wall Street analysts are often singled out for making a bullish call near the top of a rally or saying to sell a stock right when it puts in a bottom, but as a group, they have made some good calls.

One of the indicators we monitor on a daily basis is a list of all analyst upgrades and downgrades for S&P 500 stocks. As the chart below details, since 2003, the periods where analysts have been the most bearish have usually coincided with market peaks. Before going off and selling your stocks though, we would note that the overall correlation between this indicator and the S&P 500 is a mere -0.09 which indicates little relationship between the two on a more constant basis.

Source: A Broader Look At Analyst Upgrades and Downgrades