Bullish sentiment hit 51% this week in the AAII survey. It is the highest bullish sentiment of the year, topping the January 14 (47%) and April 15 (48%) readings.
What happened earlier this year after bullish sentiment made a yearly high? The S&P topped on January 19, falling 100 points in the next 13 trading days. And the S&P topped on April 26, plunging 155 points over the next 7 sessions.
The spread between bullish and bearish sentiment is 27%, the highest reading since May 8, 2008. What happened after May 8, 2008? The S&P topped on May 19 at 1440 before losing 240 points in the next 38 trading days.
Be careful out there.
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