The American Association of Individual Investors reported bullish investor sentiment fell eight percentage points last week. The bullish sentiment reading came in at 41% versus the prior week's 49.18%. Last week's reading is near the long term average of 39%. Additionally, the bull/bear spread narrowed to 15% versus the prior week spread of 26%. In spite of the bullish sentiment decline, the 8-period moving average increased for the 5th straight week to 42.3%.