Here is a short update and chart from my research.

Ending the week 7/29, sentiment based on the word frequency of "bull market" and "bear market" in online media approached the -5 level, but at the end of last week 8/5 did not cross above it and ticked down slightly.  Key to watch this week is the media reaction to the CPI release on Wednesday and jobless claims on Thursday.  A strong bullish reaction by the media could push the indicator above -5, while a negative reaction would keep it in the extreme bearish zone.

Link to previous post with more details: https://www.spiketrade.com/members/topic-day/?id=6614