As the stock market heads into the last day of the month a lower weekly close is a real possibility but instead we closed mixed. The Spyder Trust (SPY) has recorded strong gains over the previous four weeks. A lower week close would not change the intermediate term outlook but would be consistent with the recent shift in sentiment.
In the latest AAII survey the bullish % dropped 4.2% to $31.3% as it appears they are becoming more skeptical about the market’s rally. Over 40% are still neutral on the outlook for stocks while 28.4% are bearish.