A lot of non-believers out there

The "Wall of Worry" is alive and well as the S&P 500 marches onward to new all-time highs. The latest AAII survey shows the spread between bullish and bearish sentiment dropping to -21.5, reflecting more Bears than Bulls.

Yes, the S&P 500 is in its seasonally weakest period of the year, with several indicators flashing tactical non-confirmations (bearish divergences), but this individual investor sentiment indicator shows too many bears relative to bulls to suggest that the pain trade remains higher until proven otherwise.

Chart: S&P 500 (top) and AAII Bulls vs. AAII Bears (bottom)