This week’s Chartprofit eBook is available to view
The DNL Reader is required to view the eBook.
If you do not have this program please download it here:
www.digitalwebbooks.com/reader/
*********** PRICE PERFORMANCE / LOCATION
ES analysis:ES closed on Friday above the Mon-Wed Hi-Lo Range indicating Buyers Active.
First Level Support = 1872.00 (maj poc)
Second Level Support = ES 1835.50 (previous poc)
Stock Index ETFs: The four major stock index ETFs closed the week in strong price locations. Key chart IWM needs to hold above 111.48, its 12mn poc.
*********** BREADTH
Breadth still needs to confirm the improved ST analysis.
Breadth: CP Market Timing System is still negative for the Nyse, Nasdaq and UK. Turned neutral for R2000.
Stocks>50dyma numbers: Nyse 56%, Nasdaq 36%, R2000 41%, UK 44%. Numbers >50 are considered supportive.
*********** SENTIMENT
Consensus Polls:
05/23: AAII (public poll). Bulls% was lower at 30.4% (from 33.1%). Bears% was higher at 26.4% (from 22.6%). The 4week ma of nett (Bulls minus Bears) is at 3.60 but three weeks ago it reached -0.98 which was the lowest since late June 2013.
05/23: Investors Intelligence. Bulls% was higher at 57.2% (from 55.1%). Bears% was lower at 18.3% (from 19.4%). Four weeks ago the Bears% reached 21.7% which was the highest since September
05/23: Market Vane (advisers) poll was lower at 59
05/23: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was lower at 67.23, down nearly 11 points. This is the lowest index and the largest one week fall since the start of February.
Mutual Fund Flow:
05/23: My version of the Rydex Assets Ratio ended the week at 5.68. Market lows this year have come in with the rato just below 5. The highest ratio in my database being 8.39 on 03/13.
05/23: lipperusfundflows reported Equity Fund (inc ETF) outflows of -$7.6 Billion in the week to 21st May
05/23: lipperusfundflows ex_ETFs reported Equity Fund inflows of $2 Billion in the week to 21st May
VIX:
05/23: VIX closed at 11.36 on Friday, the lowest since March 2013.