Bulls are on the offensive this week as AAII Bullish sentiment jumped to 44.78% from 38.93% last week, which is the highest level since mid-February. Bullish sentiment had been gradually trending higher in recent weeks, but this week’s jump represents a breakout from that pace.

While bullish sentiment spiked higher, bearish sentiment did not see as big of a move to the downside. As shown in the chart below, negative sentiment declined from 26.72% down to 21.70%. That’s only the lowest reading since mid-May.