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*********** PRICE PERFORMANCE / LOCATION
ES analysis: In the last sixteen days I have marked Significant Buying (green) six times and no Significant Selling (red). All Value Areas in the last two weeks have been printed above the 1947Support and as long as ES holds this level it is in a strong LT price location.
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 is now positive for all Major Market Charts.
Stocks>50dyma numbers: Nyse 61%, Nasdaq 54%, R2000 56%. Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
08/29: AAII (public poll). Bulls% reached 51.9%, which is the highest this year. In fact in the last three years there have only been two higher readings. Bears% was lower at 19.2% which is the lowest this year. The nett (Bulls minus Bears) at 32.7 is extremely high. There is only one number higher than that in the last three years.
08/29: Investors Intelligence. Bulls% was higher at 52.5%.. Two week’s ago Bulls% fell to 46.4% which was a six month low. Bears% fell to 15.1% this week which is the lowest this year.
08/29: Market Vane (advisers) poll was higher at 66 which is the highest reading since the start of the year.
08/29: The NAAIM Exposure Index (active money managers) was sharply higher at 78.84. Up 22 points from 56.77 which is the largest one week increase in six months. However, two week’s ago the number reached 50.61 which was the lowest reading since September last year.
Mutual Fund Flow:
08/29: My version of the Rydex Assets Ratio ended the week at 9.94. Only six higher ratios in the database, all in June/July this year, the highest being 10.47 On 07/29.
08/29: lipperusfundflows reported Equity Fund (inc ETF) inflows of $6.1 Billion in the week to 27th August. Previous week saw an inflow of $9.9 Billion which gives a 2wk flow of +$16 Billion, the largest 2wk inflow since mid March.