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Even with the S&P 500 still trading near multi-year highs, individual investors are becoming increasingly bearish. According to the weekly sentiment survey from the American Association of Individual Investors (AAII), bullish sentiment dropped from 48.04% down to 42.77%.

In the last two weeks, sentiment has now dropped by 9.57 percentage points, which is the largest two-week decline since last July. Individuals becoming less bullish as the market hits new highs is hardly the type of behavior that would be considered overly optimistic.

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Source: Bullish Sentiment Declines For Second Straight Week