AAII survey shows pessimism despite rising stocks and seasonality

The S&P 500 is well above its rising 50-week moving average, but investors in the AAII survey have been pessimistic for 5 weeks. This is only the 2nd year they've been pessimistic during the first 4 weeks of December. That kind of behavior has preceded mostly positive returns for stocks, even when they're holding a high allocation to stocks.