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*********** PRICE PERFORMANCE / LOCATION
ES analysis: Last week I marked Significant Buying twice and Significant Selling twice. Significant Buying marked above 1872, the 4mn poc, would be first indication of strength and Significant Selling marked below this level would indicate further weakness.
Stock Index ETFs: Pre-open today SPY is printing just below 187.73 (major poc), IWM is printing below 111.48 (12mn poc), QQQ is printing above 86.32, (8mn poc) and DIA is printing above 163.40 (2yr poc). Momentum (PriceOsc) is down for all four.
*********** BREADTH
Breadth: CP Market Timing System: All major Market Charts stayed negative last week.
Stocks>50dyma numbers: Nyse 48%, Nasdaq 25%, R2000 29%, UK 40%. Numbers >50 are considered supportive.
*********** SENTIMENT
Consensus Polls:
05/16: AAII (public poll). Bulls% was higher at 33.1%. Bears% was lower at 22.6% (from 28.7%). The nett (Bulls minus Bears) reached an eight week high at 10.5. The 4week ma of nett is higher but two weeks ago it reached -0.98 which was the lowest since late June 2013.
05/16: Investors Intelligence. Very little change in this data. Bulls% was almost unchanged at 55.1%. Bears% was almost unchanged at 19.4%. Three weeks ago the Bears% reached 21.7% which was the highest since September
05/16: Market Vane (advisers) poll was higher at 62
05/16: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was slightly higher at 78.18
Mutual Fund Flow:
05/16: My version of the Rydex Assets Ratio ended the week at 6.91 which is historically a high number. The highest being 8.39 on 03/13.
05/16: lipperusfundflows reported Equity Fund (inc ETF) inflows of $9.7 Billion in the week to 14th May
05/16: lipperusfundflows ex_ETFs reported Equity Fund inflows of $1.8 Billion in the week to 14th May