After a spike in positive sentiment among individual investors around the New Year, enthusiasm has been a bit more tempered in the last three weeks, falling by over 14 percentage points from its recent high on 1/4. According to the weekly sentiment survey from AAII, bullish sentiment dropped from 54.1% last week to 45.45% this week. That’s the lowest level of bullish sentiment since mid-December but is still well above the bull market average of just under 37%.

Although bullish sentiment has seen a pretty notable decline, the corresponding increase in bearish sentiment has not been as sharp.In this week’s survey, bearish sentiment increased from 21.4% up to 24.03%, which is up less than nine percentage points from its recent lows.