Investors remained bullish in May despite two straight months of sliding confidence in the markets, according to a new survey.

TD Ameritrade’s (NYSE:AMTD) Investor Movement Index, or IMX, found that the score fell to 5.02 from 5.31 in April and is continuing in a negative direction.

Despite declines, investors maintained a high level of trading on the equity market.

“Some clients became skeptical of the rally to new highs,” Nicole Sherrod, the managing director of TD Ameritrade’s Trader Group, said in a statement. “Our May IMX reading shows that our clients were lightening as the market rallied, reducing their equity market exposure.”