Everyone has a foot out the door.

AAII Sentiment plunged this week – among the fastest drops in history.

Spikes in pessimism are very rare – this time all it took was a 2% pullback.

This remains a "wall of worry" in full force – Follow the trend. pic.twitter.com/R5BuNRgtI6

— Macro Charts (@MacroCharts) September 16, 2021

Today’s Chart of the Day was shared by Macro Charts (@MacroCharts). The chart shows the S&P 500 over the past 14 years. The sentiment indicators in red show the weekly rate of change in the results of the AAII Sentiment Survey. Macro Charts points out that bullish sentiment plunged last week, as the S&P 500 pulled back a measly 2%. He adds that dramatic spikes in pessimism are rare, and usually seen after major corrections, rather than when we’re barely off record highs like we were last week. Sentiment is just one piece of the puzzle, but it’s bullish to see that traders remain skeptical of this rally. We’ll leave you with this quote from the legendary investor, Sir John Templeton – “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.”