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*********** PRICE PERFORMANCE / LOCATION
ES analysis: Last week I marked Significant Buying twice. Significant Selling has not been marked since the recent low eleven days ago. All Value Areas last week were printed entirely above 1949, the 4mn poc.
Longframe: At the start of the month Key Charts found low at their given Support and have rallied strongly (see eBook). These proven levels will be useful to monitor.
*********** BREADTH
CP Market Timing System stayed negative for Nyse and R2000; turned neutral for Nasdaq and turned positive for UK.
*********** SENTIMENT
Consensus Polls:
08/22: AAII (public poll). After last sharp week’s rise in Bulls% it was higher again higher at 46.1% (from 39.8%), the highest since late last year. Bears% was lower at 23.7%. The nett (Bulls minus Bears) at 22.4 is close to the highest this year (23.4).
08/22: Investors Intelligence. Bulls% was higher at 49.5%, up from last week’s 46.4%, a six month low. Bears% was unchanged at 16.2%
08/22: Market Vane (advisers) poll was higher at 65. Four week’s ago the number reached 66 which was the highest reading since the start of the year.
08/22: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was higher at 56.77. Previous week’s 50.61 was the lowest reading since September last year.
Mutual Fund Flow:
08/22: My version of the Rydex Assets Ratio ended the week at 7.29. On 07/29 the ratio reached 10.47, the highest in my database.
08/22: lipperusfundflows reported Equity Fund (inc ETF) inflows of $9.9 Billion in the week to 20th August. This brings the 4wk flow number back into positive territory remembering that two weeks ago this number reached its lowest reading for two years.
VIX
08/22: VIX ended the week at 11.47, a 25day low, close to 10.32, the July low (and the lowest since Feb 2007).