Recent sentiment surveys indicate a significant shift in market attitudes among investors. The National Association of Active Investment Managers (NAAIM) reported a bullish reading of 91.6, the highest since July 10, 2024, with a Q3 average exposure level of 80.82, suggesting that managed money is increasing its market exposure as prices rise without reaching stretched positioning. Additionally, the American Association of Individual Investors (AAII) sentiment survey revealed the highest number of bullish responses in two months and the lowest number of neutral responses in over two years. This rise in bullish sentiment is accompanied by a notable drop in neutral responses, reaching the lowest level since October 2022, which coincided with bear market lows. Furthermore, the rolling 12-month average of AAII’s bull/bear sentiment spread is at its highest since 2005, indicating a renewed confidence among individual investors in the stock market.