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*********** PRICE PERFORMANCE / LOCATION
ES analysis: Last week the major Time Support at 1962.00 held and subsequently Buyers were active, auctioning ES above the 2mn poc at 2035.00. This is now First Level Support and as long as ES holds above this level it is in a strong price location.
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*********** BREADTH
CP Market Timing System turned back to neutral for Nyse and back to positive for Nasdaq, R2000 and UK.
Stocks>50dyma numbers: Nyse 65%, Nasdaq 62%, R2000 69%, UK 66%. Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
12/19: AAII (public poll). Bulls% was lower at 38.7% (from 45.9%). Five weeks ago Bulls% reached 57.9% which was the highest since December 2010. Bears% was slightly higher at 26.9%. Six weeks ago Bears% reached an extreme low reading of 15.1%. Also note that three weeks ago the 4wkma of nett (Bulls minus Bears) reached 33.20 was the highest since 2005
12/19: Investors Intelligence. Bulls% was lower at 49.5%. Bears% was almost unchanged at 14.9%
12/19: Market Vane (advisers) poll was lower at 56 (down from 62)
12/19: The NAAIM Exposure Index: Is lower at 65.12. Down from previous week’s 89.01 which was a six month high.
Mutual Fund Flow:
12/19: My version of the Rydex Assets Ratio ended the week at 11.47. Earlier in the month the ratio reached 13.73, the highest in the database.