The streak goes on. Despite new all-time highs in the major equity benchmarks and the DJIA getting within half a point of 20,000, individual investors still can’t get to a majority in the bullish camp...[Indeed,] if bullish sentiment goes another five weeks without reaching 50%, it will be the longest streak of sub-50% readings in the history of the survey.

Written by BespokePremium.com

According to this week’s survey from AAII, bullish sentiment dropped by about 2.5 points in the latest week, falling from 46.20% down to 43.64%. That’s actually the lowest level since early December and shows that just like the overall consolidation we have seen in the market in the last several weeks, sentiment has also taken a breather.

Although bulls aren’t in the majority, they do have a clear plurality. As shown in the charts below, bearish sentiment remains relatively low at 26.97%, while neutral sentiment is still under 30%.

 We would also note that this is a big change from the first half of 2016, when neutral sentiment was the leader with weekly readings routinely above 40%.