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In spite of the increased volatility in the equity markets, bullish sentiment actually saw a modest bounce this week. After dropping below 29% last week, bullish sentiment rebounded to 33.5%. With this week's sharp declines in the major US averages and heightened geo-political tensions, one would have expected sentiment to head south. That being said, even after the increase this week, only a third of individual investors are bullish.

(click to enlarge)With bullish sentiment rising, bearish sentiment plummeted from 42.86% down to 30.75%. That ended a streak of six consecutive weeks where bearish sentiment increased. While individual investor sentiment is often considered a contrarian indicator, this time around at least, individuals were pretty prescient in turning more bearish over the last six weeks.

(click to enlarge)