AAII Bull-Bear Spread stands at -4.4 as of August 20, 2026, up from -16.3 a year earlier. The reading sits in the 28th percentile of its history back to 1987.
| Latest (August 20, 2026) | -4.4 |
| One year ago | -16.3 |
| 10-year range | -43.2 – 44.2 |
| All-time range | -54.0 (1990) – 62.9 (2003) |
| Change over 12 months | +11.9 — peaked at 21.3 in 2026 |
| Percentile vs. full history | 28th |
| History | 1987–2026 (2037 observations) |
The AAII bull-bear spread: percentage of surveyed individual investors bullish minus bearish, weekly since 1987. A contrarian indicator at extremes — spreads below -20 (deep pessimism) have historically been better buying than selling moments, and vice versa.
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<a href="https://www.tacticalassetallocation.com/charts/aaii-bull-bear-spread/">AAII Bull-Bear Spread — Cambria Chart Lab</a>