With the Dow Jones – America’s “Main Street” equity index – joining the S&P at new highs to close out last week, we were not too surprised to see that individual investors turned more bullish in the latest week. But even after the increase, positive sentiment remains at extremely depressed levels given what the market has done recently. According to the weekly survey from AAII, bullish sentiment rose from 32.04% up to 36.22%. That’s still below the average reading of 36.7% for the current bull market.

Even with the increase in bullish sentiment, bearish sentiment barely declined, falling less than one percentage point from 32.0% down to 31.1%.

The main source for the increase in bullish sentiment came from the ‘fence-sitters’ as neutral sentiment declined from 35.9% down to 32.7%.