AAII Bull/Bear Spread

The difference between the percentage of bullish investors and the percentage of bearish investors in the AAII Investor Sentiment Survey. A positive spread indicates more bulls than bears, while a negative spread means bears outnumber bulls. Analysts track changes in the spread to identify shifts in investor mood and to spot potential inflection points in the market. An AAII Bull/Bear Spread below –20% suggests strong investor fear; a spread above +20% suggests excessive optimism. The AAII Investor Sentiment Survey is a contrarian indicator, often an early warning sign of coming reversals.