In spite of the strong market advance off of the March low, individual investors are not overly bullish. The American Association of Individual Investors reported that this week's bullish sentiment level declined to 33.98% versus last week's 34.07%. Additionally, bearish sentiment increased by 8.5 percentage points to 48.54%. The bull/bear spread came in more negative at -15% versus last week's -6%.
Data Source: American Association of Individual Investors