The American Association of Individual Investors (AAII) reported a continued decline in bullish sentiment, with the percentage of bullish investors dropping to 34.7% for the week ending January 10, 2025. This marks the fifth consecutive week of decreasing bullish sentiment and the third week in a row where bullish sentiment has remained at 38% or below. The bull/bear spread has turned negative, reaching its lowest value since November 2023 at -2.7. Analysts noted that the current sentiment reflects a shift in market confidence, with bears now outnumbering bulls for the first time in 2025, a trend that only occurred twice throughout 2024. The Smart Money/Dumb Money Confidence Spread has moved above the zero line for the first time in over 90 sessions, indicating a significant shift in market sentiment.