Investor Sentiment Just Fell Below 30%

Bullish investor sentiment has now declined in two of the last three weeks and is back below 30. Bullish sentiment fell 6.6 percentage points from 33.8 percent to 27.2 percent, according to a survey released by American Association of Individual Investors (AAII).

"The drop keeps bullish sentiment below its historical average of 39.0 percent for the 21st consecutive week and the 54th out of the past 56 weeks," AAII said in a press release.

"That now makes it 22 straight weeks of sub 40 percent readings," Bespoke Investment Group said, after the data was released.

"Individual investors just can't seem to get comfortable with the rally off the February lows. After rising as high as 37.36% (still extremely low by historical standards), bullish sentiment has now declined in two of the last three weeks," Bespoke added.

More Neutrals, Too

AAII said neutral sentiment jumped 4.6 percentage points to 47.1 percent. Neutral sentiment was last higher on December 30, 2015 (51.3 percent). This is the ninth consecutive week and the 61st out of the past 65 weeks with a neutral sentiment reading above its historical average of 31.0 percent, the release added.

The association noted that Bearish sentiment rose 2.0 percentage points to 25.8 percent. The increase ends a six-week, 25-percentage-point slide.