US Equity players are near as bearish as they have been in a long time.

New_York_Stock_Exchange_NYC1Check out the AAII US Investor Sentiment Readings.  This index represents the sentiment of individual US equity investors towards the stock market over the next six months. 

This has typically been a very good gauge for market behavior: when bullishness is near a top, the market is near a top, or when bearishness is high, we are near a bottom. 

What is interesting is that these bearish readings are coming only 2.5% from the top of the market.  So if bearishness is this high, we should be reversing and going higher based on the current reading of 34.10.

Last time we were this high was 1st week of Feb when SPX traded 1750.

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