This week's AAII Sentiment Survey showed bulls at 28%, bears at 28% and the number of investors who are neutral at 44%. The number of bears has been below its historical average of 30.5% for all but two of the past 15 weeks.

But the high neutral reading seems to be canceling out the low bearish readings. Remember that the AAII Sentiment Survey is a contrarian indicator, so low bearish numbers should be bullish for stocks. But the persistently high neutral reading is another indication of investors' lack of confidence, which reduces the momentum needed for a genuine breakout

THIS WEEKS MARKET MOVERS

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In addition to low volume, a head-and-shoulders reversal is still in place on the S&P 500. A close above 2,105.33 would cancel out that potentially bearish formation, and that is why that line is so important for a continuation of the current advance.

Breadth at under 2-to-1 is not encouraging since it indicates reluctance on the part of investors to become bullish.

There have been few stock market advances as powerful as the run from the January/February double-bottom. And the jump from what appeared to be a head-and-shoulders breakdown is impressive as well.

Even if the S&P 500 fails to make a new high, it now has significant support at the 2,040 line. A pullback to that line could be a good buying opportunity as long as the index does not close below the line.

THIS WEEKS MARKET MOVERS

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