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*********** PRICE PERFORMANCE / LOCATION
Friday closed above Mon-Wed Hi-Lo Range indicating Buyers Active for the second week on this timeframe.
ES Analysis: On Monday last week the six month poc migrated to 1792 followed by four Value Areas printed entirely above this level which is a bullish pattern. As long as ES holds above 1792 it is in a strong price location. I have marked Significant Buying (green) seven times in the last eight days, and no Significant Selling.
Stock Index ETFs: Last week Smallcaps (IWM) was the best performer of the four Stock Index ETFs which is usually a healthy sign. All four charts now print above their 1/2R off the recent high in a stronger price location with Momentum heading up.
*********** BREADTH
Breadth: CP Market Timing System turned positive from negative for NYSE, turned neutral from negative for Nasdaq, R2000 and UK.
Stocks>50dyma numbers: Nyse 58%, Nasdaq 53%, R2000 49%, UK 70%. Numbers >50 are considered supportive.
*********** SENTIMENT
Consensus Polls:
02/14: AAII (public poll). Bulls% was higher at 40.1% (up from 27.9%). Bears% was lower at 27.3% 36.4%. The 4wk ma of net (Bulls-Bears) was lower at 4.50, the lowest since September.
02/14: Investors Intelligence. Bulls% was lower again at 41.8%. Six week’s ago Bulls% reached 61.6% which was the highest since October 2007. Bears% was unchanged at 17.4%. Seven week’s ago Bears% hit 14.1% which was the lowest Bears% in my database. The 4wkma of nett at 33.3 is off the high of 45.3 it reached five weeks ago – the highest in my database
02/14: Market Vane (advisers) poll was higher at 63.
02/14: The NAAIM number (a measurement of average current equity exposure among active money managers) was higher at 73.26 (from 50.97).
Mutual Fund Flow:
02/14: My version of the Rydex Assets Ratio ended the week at 6.45. The recent high was 7.5 on 16th Jan which was the highest ratio in my database.
02/14: lipperusfundflows reported Equity Fund inflows of $6.9 Billion in the week to 12th Feb. Previous week’s outfloe of -$20.9 Billion was the largest single weekly outflow in my database.
02/14: lipperusfundflows ex_ETFs reported Equity Fund inflows of $3.3 Billion in the week to 12th Feb