This week's sentiment survey by the American Association of Individual Investors shows bullish sentiment remains essentially unchanged from the prior week at 37.33%. This compares to the long term average of the bullish sentiment reading of 39%. The bearishness level did increase to 44% versus last week's bearishness level of 37.97%. The net result is the bull/bear spread came in at -6.67% versus last week's spread of 0%. As the below chart notes, the market advance has been significant since the bullishness level hit 25.32% in early March.
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