Bullish Sentiment Starting To Swing

Despite a one-day rebound on Tuesday, most of the past week has seen declines in the S&P 500. The weekly sentiment survey from the American Association of Individual Investors, or AAII, fell sharply from one of the higher readings of the year to the lowest. Last week the percentage of survey respondents reporting they believed the S&P 500 would move higher in the next six months came in at 44.9%. One week later, that dropped to 29.6%, which is the weakest investor sentiment reading since the second week of last September. Although the drop isn't particularly severe (currently the index is only down to the lowest levels since June 26th), sentiment has taken a