I have always found the AAII Investor Sentiment Survey as a solid contrarian indicator to consider along with all the other tools I use when deciding when to take a position. I must stress, this indicator alone will not yield the results you would always expect, and as such is just another tool that is more reliable when coupled with other indicators. You can learn more about the reliability of the AAII Sentiment Survey as a contrarian indicator to the S&P here.
