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*********** PRICE PERFORMANCE / LOCATION
ES analysis: Last week I marked Significant Selling once and no Significant Buying. Reactive Selling (red-at-top) was marked on Wednesday as ES probed above the 4mn poc at 2033.50, now Resistance. That poc has not yet migrated lower.
First Level Resistance = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)
*********** BREADTH
CP Market Timing System remained negative for all US Market Charts and remained positive for UK.
Stocks>50dyma numbers: Nyse 38%, Nasdaq 36%, R2000 36%, UK 71%. Numbers >50 are supportive.
*********** SENTIMENT
Consensus Polls:
01/30: AAII (public poll). Bulls% was higher at 44.2% and Bears% was lower at 22.4%
01/30: Investors Intelligence. Bulls% was higher at 53.1%. Bears% was lower at 16.3%.
01/30: Market Vane (advisers) poll was unchanged at 59
01/30: The NAAIM Exposure Index: has been very volatile recently. This week the index was higher at 92.92. Four weeks ago the index reached 95.86 which was almost a twelve month high.
Mutual Fund Flow:
01/30: My version of the Rydex Assets Ratio ended the week at 10.97. In early December the ratio reached 13.73, the highest in the database.
01/30: lipperusfundflows reported Equity Fund (inc ETF) inflows of $2.8 Billion in the week to 28th January. The 4wk flow number is at -$19.5 Billion. Previous week the net 4wk outflow was -$20.50 Billion which is a number more typical of market lows.