FYI: As the S&P 500 moved up towards an all-time closing high last week, we noted bullish sentiment levels were relatively muted in spite of this price action. We also highlighted that it is not exactly common for the market to reach new highs when sentiment is this subdued. But as the S&P 500 reached those new all-time highs one week ago today—followed by several sessions of selling—investors haven't been excited by the new highs. This week's AAII survey of investors showed hesitation more than anything with very small changes across the board. The percentage of investors reporting as bullish rose only 0.08% to 29.59%. Bullish sentiment saw a similar sized move only one month ago when it had risen from 24.71% to 24.79% in the final week of May. Given these readings, bullish sentiment remains at the lower end of its normal range sitting over 8.5 percentage points from the historical mean.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/sentiment-still-not-buying-the-highs
