Woofun AI data shows that Bank of America's Bull/Bear Indicator has climbed to 9.6 points, marking its highest reading since December 2020 and the third-highest level over the past 24 years. The metric evaluates stock and bond fund flows, hedge fund positions, credit conditions, and market breadth.

The recent surge is primarily attributed to a decline in fund manager cash allocations, which fell by 0.5 percentage points month-over-month to 3.6%, nearing a 13-year low.