According to The Kobeissi Letter, a University of Michigan survey shows a record 12% of Americans now believe there is no chance the stock market will increase over the next 12 months, a figure that has tripled in just two months (source: The Kobeissi Letter, April 28, 2025). This rising pessimism, which surpasses previous survey records, signals growing bearish sentiment among retail investors. For traders, this shift could indicate increased volatility and potential downward pressure on equities as sentiment-driven selling or defensive positioning may intensify. Monitoring sentiment indicators and market breadth becomes critical for managing risk and identifying contrarian opportunities as investor outlook deteriorates.