Record S&P 500 call-option activity and an extreme volatility-term-structure reading suggest investors are increasingly confident that stocks can keep rising. S&P 500 Call Volume Shows Exceptional BullishnessOptions positioning provides the clearest sign that optimism has become stretched. A Bloomberg chart shows S&P 500 call-option volume rising above 4 million contracts Tuesday, a record in the data shown. Still, the surge shows that demand for upside exposure has reached an unusual extreme while the S&P 500 trades near record territory. Source:That leaves the S&P 500 and Dow Jones with a constructive but increasingly crowded setup.