Bulls head for the hills once again
Bullish sentiment has rolled over after peaking at 32.8% two weeks ago, as the S&P 500 has reversed some of its March gains this week. The proportion of bullish sentiment last week was 31.9%. After a 7.2% drop in bullish sentiment this week, fewer than a quarter of respondents reported being bullish. While modest, this is still a few percentage points higher than February's lower levels.
Last week's bearish sentiment was 27.5%. Bearish sentiment increased by 13.9%, the largest weekly increase since August 2019. when it increased by 24.14%. Bearish sentiment has reached its highest level since the week of March 17th, at 41.4%. That is a high number and a significant week-over-week change, but it is also significantly below recent highs of more than 10 percentage points in recent months.
The significant increase in the number of respondents indicating themselves to be pessimistic did not come entirely from the bullish camp. Neutral sentiment has also dropped significantly, from 40.6% last week to 33.9% this week. As neutral sentiment is currently only a few points over the historic average, this is simply mean reversion.
Last week, the bull-bear spread nudged into positive territory for the first time since 2022, but large inverse swings between bulls and bears wiped much of the previous week's gain. The gap has narrowed to -16.7, which is still 13.6 points higher than the low of -30.3 seen in late February.
Source: AAII
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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