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*********** PRICE PERFORMANCE / LOCATION
Reactive Selling (red-at-top) was marked on Friday but ES found low at 1998.50, the 50dy poc. Value Areas on Thursday and Friday were generated entirely above the poc. Pre-open today ES has been printing below 1998.50 and Bulls would want a quick recovery back above that level to see chart maintaining a strong price location at the start oif this week. In the ST I see price printing time around 1994 as a negative.
The disparity between large and small cap performance is still very evident. SPY printed a new high last week but Key Chart IWM is printing back below Key Level 115.41, 1/2R off July high. There is 2yr Time Support for this chart at 111.64.
*********** BREADTH
Breadth: CP Marketing Timing System, Nyse, Nasdaq & R2000 are negative. U.K. is neutral.
Stocks>50dyma numbers: Nyse 44%, Nasdaq 48%, R2000 43%. Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
09/19: AAII (public poll). Bulls% was higher this week at 42.2% (from 40.4%). Bears% was lower at 23% (from 26.6%). Three weeks ago Bears% fell to 19.2% which was the lowest this year. The nett (Bulls minus Bears) is currently at 19.2 but three weeks ago reached 32.7 which was extremely high with only one number higher than that in the last three years.
09/19: Investors Intelligence. Bulls% was lower at 52.5% (from 57.6%). Bears% was slightly higher at 15.2% but note that two weeks ago Bears% fell to 13.3% which was the lowest since 1987
09/19: Market Vane (advisers) poll was lower at 63 having reached 66 two weeks ago which was the highest reading since the start of the year.
09/19: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was higher at 67.08, up from 63.63.
Mutual Fund Flow:
09/19: My version of the Rydex Assets Ratio ended the week at 7.31, a 19 day low. The highest ratio being 10.47 On 07/29.
09/19: lipperusfundflows reported Equity Fund (inc ETF) inflows of $6.7 Billion in the week to 17th September.