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The market's small hiccup over the last two days was enough to scare bullish sentiment among individual investors slightly lower this week. As shown below, AAII bullish sentiment fell to 45.12% this week from last week's level of 47.74%. Bullish sentiment is now down 3.82 percentage points after peaking at 48.94% two weeks ago.

Even with the S&P 500 up nearly 20% year to date, bullish sentiment has only been over the 50% mark once this year, and that was back on January 24th.

(click to enlarge)

Source: Bullish Sentiment Ticks Lower