We've had the yield curve inversion this month, so recession is due within 2 years, although it once took 33 months. So lots of time for stocks to make another all time high. Sentiment has already hit an extreme low, so that tide will start turning up.
I suspect things will become darker. Chinese banks are failing and we are in early stages of global recession. We are hanging in there, with our DRIPs off, and several years of cash idling. The thing about macro economics is that nobody can predict them so I ignore my own predictions and recommend against other people putting too much regard on my thoughts of the future. [Edit: To clarify... recession not priced in at this time]
The tricky part about negative sentiment is that it can get more negative than most people expect. Tough to tell when bottoms occur, but we are definitely closer to a bottom than a top, thats for sure.