The AAII data for the week is out and shows still very high % bulls of 48.2 (down 3% from prior week but still above historical average of 39%) versus % bears of 29.8% (up 8.2% and close to the historical average of 30%). In the prior week there were 2.3 bulls for every bear, the current data has 1.62 bulls for every bear. AAII data seems to be highly correlated to SPX as shown on the chart below. The data for AAII as graphed is shifted forward one week to better correlate.
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