Retail investors have turned bearish for the first time since November 2023.
The bull-bear spread in the AAII survey turned negative last week for the first time in 6 months.
In the recent survey, ~34% of respondents were both bearish and neutral about stocks with just 32% expressing bullish sentiment.
Over the last 3 weeks, bullish sentiment deteriorated as the S&P 500 pulled back from its all-time high.
However, the sudden shift to bearishness questions the strength of this move lower.
Is the bear trade already too crowded?
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