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*********** PRICE PERFORMANCE / LOCATION
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ES analysis: Last week I marked Significant Buying twice. Significant Sellers have not been marked for sixteen days. The minor (10dy) poc moved to 2094.0 and this is now the minor Time Support. Only Significant Selling marked below 2033.50 would be the first sign of weakness for the LT trend.
First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)
All four major stock index ETFs have positive and increasing Price Momentum (PriceOsc).
*********** BREADTH
CP Market Timing System is positive for all major Market Charts.
Stocks>50dyma numbers: Nyse 70%, Nasdaq 66%, R2000 63%, UK 83%. Numbers >50 are supportive.
*********** SENTIMENT
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Consensus Polls:
02/20: AAII (public poll). Bulls% was higher at 47% (from 40.0%). Bears% was lower at 17.9% (from 20.3) and down sharply from 32.2% just two weeks ago. Bears% reached an extreme low of 15.1 in November.
02/20: Investors Intelligence. Bulls% was higher at 56.6% (from 52.5%). Bears% was lower at 14.1% (from 15.2%). The Bulls to Bears ratio is currently at 4.0 which is extremely high and a concern.
02/20: Market Vane (advisers) poll was higher at 65 which is a twelve week high
02/20: The NAAIM Exposure Index: This week the index was higher at 87.81. The recent high (seven weeks ago) was 95.86
Mutual Fund Flow:
02/20: My version of the Rydex Assets Ratio ended the week at 11.45. In early December the ratio reached 13.73, the highest in the database
02/20: lipperusfundflows reported Equity Fund (inc ETF) inflows of $3.7 Billion in the week to 18th February. The 4wk flow number is now back to positive following four weeks in negative territory.