The difference between the market backdrop this week versus last week is almost like night and day. Last Thursday, equities were testing the 200-DMA to the downside before staging a major turnaround over the last five days. Now, rather than breaking down, stocks appear to have broken their downtrend from the late January highs. Given the about-face, it's not too surprising that in this week's AAII sentiment survey, bulls and bears pretty much flipped spots.

As shown in the two charts below, bullish sentiment jumped five points this week, rising from 28.4% up to 33.5%, while bearish sentiment dipped about five points, falling from just over 30% to 25.5%.