While there are plenty of indicators pointing to some froth in the market, both the NAAIM survey and the Investors Intelligence survey are not at levels consistent with a major peak in the market. At previous peaks the NAAIM survey approached 90% bullishness while it currently sits at 56.33%. Below is a graph of the NAAIM survey. From the NAAIM:
The Investors Intelligence bears generally fall to roughly 20% at major market peaks. The Investors Intelligence bears now sit at 28.7%. At the last two major peaks they got as low as 16%.
There are plenty of imbalances in world economies so its possible that we see a systemic event. Barring a systemic event its unlikely that we are seeing a sentiment induced major top. That does not mean we cannot correct.