The Gunners boss poured cold water on early talk of a Premier League title challenge after watching his side pick up a victory over Liverpool at the Emirates Stadium
Santi Cazorla opened the scoring after 19 minutes for the hosts, before Aaron Ramsey rounded things off with a fine volley from the edge of the area just before the hour mark.
Wenger's men have not won the Premier League since going the entire season unbeaten in 2003-04, but the French manager believes their current position will be good for morale.
"It's positive and nice [to be five points clear], but it's very early in the season," he told Sky Sports.
"It's good for the confidence of the team and for the ambition as well."
The result made it nine league games without defeat for Arsenal, who were knocked out of the Capital One Cup by title rivals Chelsea on Tuesday.
Wenger was pleased with the response to that loss, expressing his delight with the manner of his team's win.
"It was a convincing win against a good team which is what we wanted," he added. "We responded well to losing in midweek.
"We got a good goal and after that I felt we had many opportunities. Ramsey scored a stunning goal.
"I felt we had very convincing defensive performance against top strikers, we kept them quiet, [which is a] great credit for our defence."