The stock market is back at record highs, but don’t tell that to individual investors. In the latest survey of individual investor sentiment from AAII, bullish sentiment declined (ever so slightly) for the third straight week, dropping from 32.09% down to 32.04%.

Interestingly enough, bearish sentiment came in at the exact same level as bullish sentiment this week, dropping from 32.84% down to 32.04%. The last time both gauges of sentiment were at the exact same level was in June 2016.

With both bearish and bullish sentiment at the same levels and neutral sentiment right around a third as well, can individual investors be any more indecisive? We do have to say that the last three days of gains for the US equity market have caught a lot of people off guard.