The American Association of Individual Investors (AAII) sentiment survey indicates a persistent bearish outlook among individual investors, with over 50% expressing bearish sentiment for the fifth consecutive week. This marks only the fourth occurrence of such a streak since 1987, with previous instances recorded in October 2022 and January 2008 during significant market downturns. Additionally, 37% of U.S. consumers now expect stock prices to decline over the next 12 months, the highest proportion in a year, reflecting a notable decrease from 46% last month, which is the largest monthly drop since the 2020 market crash. The percentage of consumers anticipating higher stock prices has also fallen by 8.5 percentage points in March, the most substantial decline in the history of the University of Michigan survey since its inception in 2002. Historically, when bearish sentiment in the AAII poll exceeds 50% for five consecutive weeks, U.S. stocks have averaged a return of 21% over the following year, with positive returns occurring 100% of the time since 1990.