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*********** PRICE PERFORMANCE / LOCATION
ES analysis: Last week I marked Significant Selling four times and Significant Buying once. Aggressive Selling (red-at-bottom) was marked on Friday and the Value Area was generated entirely below the 2035 poc which suggests further weakness. At current levels I would only consider new longs if Significant Buying (green) is marked above 2035.00 which is now Resistance.
*********** BREADTH
Breadth: CP Market Timing System turned negative for all Major Market Charts.
Stocks>50dyma numbers: Nyse 49%, Nasdaq 52%, R2000 54%. UK 52%. Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
12/12: AAII (public poll). Bulls% was higher at 45.9%. Four weeks ago Bulls% reached 57.9% which was the highest since December 2010. Bears% was lower at 25.9%. Five weeks ago Bears% reached an extreme low reading of 15.1%. Also note that two week ago the 4wkma of nett (Bulls minus Bears) reached 33.20 was the highest since 2005
12/12: Investors Intelligence. Bulls% was lower at 51.5%. Bears% was higher at 14.8%
12/12: Market Vane (advisers) poll was lower at 62
12/12: The NAAIM Exposure Index: Having plummeted to a panicky low of 9.97 (the lowest since 2011) eight weeks ago at the price low, the Exposure Index has now reached six month high at 89.01
Mutual Fund Flow:
12/12: My version of the Rydex Assets Ratio ended the week at 11.04. Last week the ratio reached 13.73,the highest in the database. Historically this has been a warning for the market.
12/12: lipperusfundflows reported Equity Fund (inc ETF) outflows of $2.9 Billion in the week to 10th December, the first net outflow for seven weeks.