Presented with little comment.
The American Association of Individual Investors (AAII) ask, and people reply:
“I feel that the direction of the stock market over the next 6 months will be….”
Latest updated chart of how bearish people are is represented by the white chart. Note that bearish sentiment recently hit highest levels since early 2016. Practically every local low over past years in SPX (orange) has been accompanied with the AAII bearish reading spiking higher.
Being bearish here is not overly unique.