Pessimism among individual investors about the short-term outlook for stocks decreased in the latest AAII Sentiment Survey. Meanwhile, optimism and neutral sentiment increased.
Bullish sentiment, expectations that stock prices will rise over the next six months, increased 6.8 percentage points to 39.7%. Bullish sentiment is above its historical average of 37.5% for the first time in seven weeks. Bullish sentiment was last higher on July 16, 2026 (44.9%).
Neutral sentiment, expectations that stock prices will stay essentially unchanged over the next six months, increased 0.1 percentage points to 22.7%. Neutral sentiment is unusually low and is below its historical average of 31.0% for the 26th consecutive week.
Bearish sentiment, expectations that stock prices will fall over the next six months, decreased 6.9 percentage points to 37.6%. Bearish sentiment is above its historical average of 31.5% for the 30th consecutive week.
The bull-bear spread (bullish minus bearish sentiment) increased 13.7 percentage points to 2.2%. The bull-bear spread is below its historical average of 6.5% for the seventh consecutive week.
This week’s special question asked AAII members whether rising long-term Treasury yields have led them to alter their allocations.
Here is how they responded:
I’m allocating more to cash or shorter-term bonds: 26.3%
I’m allocating more to stocks: 6.0%
I’m allocating more to longer-term bonds: 3.0%
More than one of the above: 4.5%
No, they have not: 59.4%
This week’s Sentiment Survey results:
Bullish: 39.7%, up 6.8 points
Neutral: 22.7%, up 0.1 points
Bearish: 37.6%, down 6.9 points
Historical averages:
Bullish: 37.5%
Neutral: 31.0%
Bearish: 31.5%
See more Sentiment Survey results.