Often the really emotional phase of buying or selling occurs before the low/high in prices. We saw this very clearly for example in 2008/2009, when the daily point spread peaked at 9.5% in October 2008, a month before the interim low in November 2008 and roughly five months before the ultimate low in March 2009.
On December 30, 2012, the daily point spread hit an all-time low (our records go back 25 years) of .31%. This is a smaller spread than witnessed at the peak in 2007. At good lows, the daily spread should exceed 3%. This is one more indicator in a long list that suggests a high level of enthusiasm for stocks currently.
