Institutional investors have reached unprecedented levels of bullish sentiment, with net long positioning in the S&P 500 exceeding 240,000 contracts, the highest on record. This figure is double the amount recorded in 2021 prior to the onset of the bear market. However, the AAII Sentiment Survey indicates a contrasting trend, revealing that bullish sentiment has fallen to 37.1% from 41.3% the previous week, while bearish sentiment surged to 38.6%, marking the highest level since early November 2023. Additionally, assets under management for US leveraged ETFs have reached approximately $120 billion in November, doubling since 2022 and surpassing the $80 billion threshold seen before the 2022 bear market.