The S&P 500 (SPY) has finally returned to record highs in the past couple of weeks, and sentiment has reflected that positive price action.
This week’s release of the American Association of Individual Investors survey came in with 46% of respondents reporting bullish sentiment. That is the highest level of bullishness since January 15, 2026.
That surge in bullish sentiment corresponded with an 8.4 percentage point decline in bears. At 34.4%, bearish sentiment per this survey is now at the lowest level since the final week of January.
For bullish sentiment, this week's jump was big. As shown below, the 14.3 percentage point increase week-over-week was the largest one-week uptick since January 23, 2025. Additionally, for the full history of the survey dating back to 1987, this weekly change ranks in the 97th percentile of readings.
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