The data suggests that the peak is in for U.S. consumer confidence.
So where do we go from here?
Consumer confidence is currently at levels not seen since the Dot Com bubble days of the late 1990s and early 2000s. Consumer confidence has historically peaked toward the end of an economic cycle. While it might not necessarily plummet from here, Hedgeye CEO Keith McCullough says don't expect a breakout beyond what appears to be its peak back in February.
"We're still quite bullish of the consumer, but I'm quite concerned it's less strong from its cyclical peak of February," McCullough says in the clip above.
"A lot has happened in the world since February and a lot is going to continue to happen, but I would not be betting on a breakout to a higher high."
Watch the full clip above for more.
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