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*********** PRICE PERFORMANCE / LOCATION
Last week I marked no Significant Buying or Selling. Buyers have not been marked for six days but so far Sellers have not Reacted at these higher prices. This may be Buyers Resting, offering opportunity to the Sellers, and if they do not take it soon Buyers will look for them higher still. The 38day poc has migrated to 2107.00. Significant Selling marked below this level would be the first sign of minor weakness. Only Significant Selling marked below 2033.50 would be the first sign of weakness for the LT trend.
First Level Resistance = 2107.00 (38day poc)
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 Price Momentum but this indicator has now turned down on for these charts.
*********** BREADTH
Breadth: CP Market Timing System is positive for all major Market Charts.
Stocks>50dyma numbers: Nyse 66%, Nasdaq 64%, R2000 59%. Numbers >50 are supportive.
*********** SENTIMENT
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Consensus Polls:
02/27: AAII (public poll). Bulls% was lower at 45.5% (from 47%). Bears% was Higher at 20.3% (from 17.9%). The Nett (Bulls minus Bears) at 25.2 and 4wk ma of Nett at 19.33 are in neutral territory
02/27: Investors Intelligence. Bulls% was higher at 59.5% which is the highest Bulls% since July last year. Bears% was unchanged at 14.1%. The Bulls to Bears ratio is currently at 4.2 which is extremely high
02/27: Market Vane (advisers) poll was unchanged at 65 which is a twelve week high
02/27: The NAAIM Exposure Index: This week the index spiked higher to 99.23 which is the highest since December 2013
Mutual Fund Flow:
02/27: My version of the Rydex Assets Ratio ended the week at 13.73 which equals the highest ratio in the database along with the reading in early December. Historically, extreme high levels in the ratio have been a warning. Bear fund assets that I follow fell 18% on Friday and this brings them close to the extreme low level from January.
02/27: lipperusfundflows reported Equity Fund (inc ETF) inflows of $1.5 Billion in the week to 25th February. The 4wk flow number moved back into positive territory one week ago but fell this week to $2.40 Billion