The Goldman Sachs Bull/Bear Market Indicator has reached 73%, indicating one of the highest levels of market and economic sentiment in history. This index considers various metrics including valuations, yield curve, unemployment, and inflation. Despite this bullish sentiment, recent data from the American Association of Individual Investors (AAII) shows a contrasting trend, with bearish sentiment rising to 47.3%, up from 42.9% the previous week, while bullish sentiment fell to 28.4%, down from 33.3%. This results in a bull-bear spread of -18.9%, marking the lowest level since early November 2023. The increase in bearish sentiment is notable, with a jump of 17.9 percentage points over the past three weeks, the largest since March 2023. Nearly half of AAII survey respondents are now bearish on stocks, which historically has led to sharp rallies in bear markets.