The S&P 500 and Dow have continued to make pushes up to new all-time highs in the past week, but sentiment remains subdued. AAII's weekly sentiment survey showed 33.61% of respondents have bullish sentiment, up 0.5% from last week. As we have been mentioning, this is in the lower range of sentiment readings given the run-up to new highs. At this level, bullish sentiment is in the 15th percentile of times that the S&P 500 has reached a new all-time high in the past week. Additionally, the current reading is still below the historical average for bullish sentiment as it has been for nine straight weeks now. That is the longest such streak since the 12-week streak ending May 17th of last year.
While bullish sentiment only saw a slight increase, bearish sentiment saw its largest decline in a month, falling from 32.35% down to 27.5%. Bearish sentiment is now at its lowest level since the first week of May, and is also below the historical average for the first time since that same week.
Most of the losses to bearish sentiment were picked up by those reporting as neutral. The percentage of investors reporting this sentiment rose 4.4% to 38.89%. This brings it back to the high 30s levels that it has sat at for the majority of 2019.
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