With record after record in the major equity averages, you would think individual investors would eventually get excited, but not so again this week. According to the weekly sentiment survey from AAII, bullish sentiment declined from 35.48% down to 34.46%.  That now makes it 134 straight weeks where bulls have been out of the majority.

While individual investors aren’t bullish, they aren’t bearish either.  In this week’s survey, bearish sentiment declined from 25.81% down to 24.32%.  That’s the lowest weekly reading since right after the election last November, and it’s not far from two-year lows.

That leaves us with neutral sentiment, which rose back above 40% this week to 41.22%.  For most of the current bull market, neutral sentiment was routinely in the mid 20% to high 30% range.  Ever since the start of 2015, though, 40% readings have become much more of a ‘normal’ occurrence.

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