The AAII survey of individual investors continues to report 57% of responded not being able to imagine the market at a higher level in the next six months.
The AAII bear sentiment spikes near SPX lows (blue-ovals); it spiked last month and has still not dropped into its usual low level (green-box) that correlates with market rallies. The elevated level of fear is evidence that we have yet to enter the explosive, exuberant phase of the bull market.
