Over the past week, the S&P 500 has turned higher erasing a portion of September’s losses. With the index currently fighting to hold above its 50-DMA, bullish sentiment has risen slightly. AAII’s reading on bullish sentiment rose to 26.24% from 24.89% last week. While more than a quarter of respondents are reporting as bullish again, that is still less than nearly one-third total (32.02%) we saw two weeks ago.
Those gains in bullish sentiment took from the bearish camp. Bearish sentiment fell from 45.99% to 43.07%. Like bullish sentiment, that is right in the middle of the past few weeks range.
Of course, that means that the bull-bear spread remains deep in negative territory. The record steak of negative readings in the spread has now risen to 32 weeks long.
The losses to bearish sentiment mostly went towards neutral sentiment as this reading rose to 30.69% from 29.11% last week. That brings neutral sentiment to its highest level since July 30th. Click here to view Bespoke’s premium membership options for our best research available.