Apr 25, 2024
The S&P 500 may have rebounded since this time last week, but sentiment has continued its slide. This week’s AAII Sentiment Survey saw only 32.1% of respondents report as bullish, the lowest percentage since 11/2/23. In total, bullish sentiment has declined 17.9 percentage points since just four weeks ago when it hit 50%. That is the largest drop since December 2021 for any given four-week span.
Given the drop in bulls, bears have picked up to 34%. However, that reading was little changed week-over-week with a modest 0.1 percentage point increase. Like bulls, this is the highest bearish sentiment reading since last November.
Although the increase in bearish sentiment has been less pronounced, the inverse moves with bullish sentiment have been enough to push the bull-bear spread into negative territory for the first time since 11/3.
The 24 consecutive weeks with a positive bull-bear spread was one of the longest streaks in the survey’s history and was tied with the 24-week streak that ended in July 2021 for the longest since 2015 (31 weeks). In all, there have only been 11 streaks that lasted at least 20 weeks in a row.
Apr 24, 2024
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out with a look into the dynamics of immigration and labor supply (page 1). We then review the latest earnings reports including those of Meta Platforms (META) (page 2). Next, we look at durable goods orders (page 3) before closing out with recaps of the 5 year note auction (page 4) and EIA inventory data (page 5).
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Apr 23, 2024
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we kick off with a rundown of all the latest earnings (pages 1 and 2). We then recap today’s new home sales data (pages 3 and 4) in addition to showing how orders and backlogs look from recent homebuilder earnings (page 5). We finish with a review of today’s 2 year note auction (page 6) and an update of our Five Fed Manufacturing composite (page 7).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
