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*********** PRICE PERFORMANCE / LOCATION
ES analysis: No Significant Buying was marked last week and no Significant Selling has been marked for nine days. Mid-month ES made low on the maj Support (6mn poc) and rallied and last week the 3mn poc migrated to 2066.00. This is now First Level Support and as long as ES holds above this level it is in a strong price location.
Stock Index ETFs: Momentum (PriceOsc) is moving up for all four major indices. This indicator remains below zero for SPY, DIA and QQQ but hasturned positive for IWM (small caps). Key Chart IWM is probing the highs set in March and July and we should watch for rejection or breakout on this chart.
*********** BREADTH
CP Market Timing System is positive for all major Market Charts
Stocks>50dyma numbers: Nyse 68%, Nasdaq 65%, R2000 74%, UK 71% . Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
12/26: AAII (public poll). Bulls% was sharply higher at 50.9% (from 38.7%). Six weeks ago Bulls% reached 57.9% which was the highest since December 2010. Bears% was lower at 18.9%. Seven weeks ago Bears% reached an extreme low reading of 15.1%.
12/26: Investors Intelligence. Bulls% was higher at 54.1%. Bears% was higher at 15.2%
12/26: Market Vane (advisers) poll was sharply higher at 63 (from 56)
12/26: The NAAIM Exposure Index: was sharply higher at 90.59 (from 65.12) to a six month high.
Mutual Fund Flow:
12/26: My version of the Rydex Assets Ratio ended the week at 12.26. Earlier in the month the ratio reached 13.73, the highest in the database.
12/26/14: lipperusfundflows reported Equity Fund (inc ETF) inflows of $36.5 Billion in the week to 24th December, the largest weekly inflow on record.