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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.

(click to enlarge)

Source: Bullish Sentiment Declines For Second Straight Week