Sentiment remains historically high bullish, low bearish although both have continued to move off their high levels. The bullish sentiment dropped to 50.7% from last week's 52.3% while the bearish sentiment rose to 29.1% from 23.4%. The AAII survey results are below.
Also there are two charts of this data VS the SPX. It looks more and more like a correction in the SPX is imminent (dare I say those words). Purely looking at this data SPX looks headed to the 1,200 range. To say the AAII data determines SPX fair value would be a huge stretch and I am not saying that. The way you can look at these charts though is traders have lightened up on their bullish position and shifted more neutral.
Also there are two charts of this data VS the SPX. It looks more and more like a correction in the SPX is imminent (dare I say those words). Purely looking at this data SPX looks headed to the 1,200 range. To say the AAII data determines SPX fair value would be a huge stretch and I am not saying that. The way you can look at these charts though is traders have lightened up on their bullish position and shifted more neutral.
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