Amazingly, AAII Bears% doubled this week, from 24.1% to 48.1%, the highest since the first week of the year. At the same time Bulls% fell from 38.4% to 21.7% meaning that the net (Bulls minus Bears) fell from positive 14.3 to a negative -26.5. This is a huge one-week change in sentiment and the last time the responders were more bearish than this was middle of December last year. An extreme like this doesn’t always mark the exact low (December’s was early) but since the Bull market began it is usually close. See chart.
