Despite the S&P 500 at all-time highs, we have just seen the largest 2-week shift in investor sentiment in over a year, according to the latest AAII Survey.
AAII bears outnumber bulls for the first time since late April.
All that happened after that was a five month win streak.
Bearish sentiment has surged to its highest level in more than a year, while bullish sentiment has dropped to its lowest point since April. As a result, the bull-bear spread has turned negative. For context, the average AAII bull-bear spread over the past 12 months has been +18.8%.
