By Tom Dyson in Growth Stock Wire:

The market is rallying. The S&P 500 is now up 114 points in the last 17 trading sessions... for a total rise of 16%. Astonishing.

And the price strength of the move has all the marks of a massive new trend.

It's true the market has fallen 50% in the past 18 months and valuations are now in "cheap" territory for the first time in years. It's also true sentiment reached an extreme level of panic in March. The AAII investor sentiment survey, for example, reached all-time bearish levels in the first week of March, just before the rally started. We love to be bullish when the crowd is bearish.

Now even some of the market experts I respect are calling for higher stock prices. "You have to be careful not to miss the opportunity," says Mark Mobius. Mark, one of the most famous money managers in the world, sees value in stocks and says we're at the start of a new bull market.

Recently, another institutional heavyweight, Barton Biggs, told Bloomberg he thinks the S&P 500 Index may rally between 30% and 50%.

Even Whitney Tilson - one of the most bearish fund managers of the last few years - has turned bullish. He's loading his fund with financial stocks like American Express and Wells Fargo.

It's hard not to be on the same side as these guys... But the chart is sending us a different message.

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