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*********** PRICE PERFORMANCE / LOCATION
ES: All Value Areas last week were generated above 1949.00, the 3mn poc, which implies strength. Despite increasinging worrying Sentiment readings, as long as ES holds above this First Level Support it is in a strong price location.
*********** BREADTH
Breadth: CP Market Timing System – Nyse, Nasdaq and R2000 all stayed postive. U.K. stayed negative.
Stocks>50dyma numbers: Nyse 80%, Nasdaq 81%, R2000 83%, UK 58%. Numbers >50 are considered supportive.
*********** SENTIMENT
Consensus Polls:
07/04: AAII (public poll). Bulls% was slightly higher at 38.5%. Bears% was slightly lower at 22.4%. Previous week’s 21.1% was the lowest Bears% since the end of last year.
07/04: Investors Intelligence. Bulls% was lower at 57.6%. Three week’s ago Bulls% reached 62.6% which was an extreme high number. Bears% was slightly lower at 16.1%. The 4wkma of nett (Bulls minus Bears) is at 43.98, just below the extreme peak of 45.3 reached at the start of year.
07/04: Market Vane (advisers) poll was higher at 66 this is the highest reading since the start of the year
07/04: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was slightly lower at 85.48
Mutual Fund Flow:
07/04: My version of the Rydex Assets Ratio ended the week at 9.87. Previous week the ratio reached 10.07 which is the highest in my database
07/04: lipperusfundflows reported Equity Fund (inc ETF) inflows of $3.1 Billion in the week to 2nd July
07/04: lipperusfundflows ex_ETFs reported Equity Fund outflows of -$1.7 Billion in the week to 2nd July
VIX
07/04: VIX closed at 10.32 on Thursday, the lowest close since Feb 2007