Once again this week, the S&P 500 hit an all-time high, but bullish sentiment among individual investors declined again. In the latest survey from the American Association of Individual Investors (AAII), bullish sentiment dropped by 1.5 percentage points to a level of 25.2%. This is the lowest reading for bullish sentiment since April 2013, and represents the fifth straight week of declines. The last time bullish sentiment dropped for five straight weeks was all the way back in February 2013. This week’s bullish reading of 25.2% is also the 11th straight week of below average bullish sentiment, which is the longest streak since May of last year. It’s hard to believe how little excitement there is on the part of individual investors even with the overall equity market at record highs. While 25.2% of individual investors are bullish, just 25% are bearish. That leaves nearly 50% in the neutral camp. To find a week where neutral sentiment was higher than it is now, you have to go all the way back to February 2003, just before the invasion of Iraq.