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: On Friday Significant Buying was marked for the first time in thirteen days; both Reactive and Aggressive Buying. Pre-open today ES is printing above 2017.00, the minor (15day) poc. Time printed above 2035.00 (4mn poc) would be a positive and so would Breadth numbers registering above 50, see below.
PriceOsc (Momentum) for all four major Stock Index ETFs is negative and falling – Bulls would want to see this indicator improving as well.
First Level Resistance = 2035.00 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)
*********** BREADTH
.
CP marketing System is negative for all major U.S. Market Charts and positive for UK.
Stocks>50dyma numbers: Nyse 43%, Nasdaq 41%, R2000 45%, UK 60%. Numbers >50 are supportive.
*********** SENTIMENT
.
Consensus Polls:
01/16: AAII (public poll). Bulls% is higher at 46.1% (from 41%) and Bears% is lower at 21.5% (from 27.7%). The nett (Bulls minus Bears) is therefore higher at 24.6, up from 13.3. The 4wk average of nett is at 25.58 with the recent high at 33.2 on 11/28, close to the price high.
01/16: Investors Intelligence. Bulls% was lower at 48%; down from a high of 56.4% two weeks ago. Bears% was higher at 16.3% which is a twelve week high. The ratio of Bulls/Bears is currently 2.9. This is a high level of optimism historically but also a twelve week low.
01/16: Market Vane (advisers) poll was higher at 58
01/16: The NAAIM Exposure Index: has been very volatile recently. Previous week the index fell more than 24 points to 71.1 which was a large fall and this week is back up at 87.73. Two weeks ago the index reached 95.86 which was almost a twelve month high.
Mutual Fund Flow:
01/16: My version of the Rydex Assets Ratio ended the week at 10.81. This indicator registered little fear during the recent decline and historically it is still very high. In early December the ratio reached 13.73, the highest in the database
.
01/16: lipperusfundflows reported Equity Fund (inc ETF) outflows of $4.1 Billion in the week to 14th January. Previous week’s outflow was the fifth largest single week outflow in two years but note that three week’s ago the $36.5 Billion inflow was the largest on record