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*********** PRICE PERFORMANCE / LOCATION
Last week was a positive week with Friday closing above the Mon(or Tue)-Wed Hi-Lo Range indicating Buyers Active on the weekly timeframe. The four major stock index ETFs all have increasing and positive Momentum (PriceOsc). Key Chart IWM overcame the 114.0 Resistance (1/2R off March high) and I wrote a week ago that price above this level would be a further positive.
ES: Last week I marked Significant Buying four times. Significant Selling has not been marked for twelve days, As long as ES holds above the minor poc at 1922.50 it is in a strong ST price location and only price below 1872 would be a sign of weakness in the LT.
*********** BREADTH
Breadth: CP Market Timing System: remained positive for Nyse, remained negative for Nasdaq and R2000 and remained positive for U.K.
Stocks>50dyma numbers: Nyse 75%, Nasdaq 58%, R2000 66%, U.K. 67%. Numbers >50 are considered supportive.
*********** SENTIMENT
Consensus Polls:
06/06: AAII (public poll). Bulls% was higher at 39.5% which is a 12wk high. Bears% was lower at 22.2%. The nett (Bulls minus Bears) is at 17.3 which is an 14wk high
06/06: Investors Intelligence. Bulls% was higher at 62.2% which is an extremely high number. Bears% was almost unchanged at 17.4%. The nett (Bulls minus Bears) at 44.8 is a 21wk high
06/06: Market Vane (advisers) poll was higher at 63
06/06: The NAAIM Exposure Index (a measurement of average current equity exposure among active money managers) was sharply higher at 90.86
Mutual Fund Flow:
06/06: My version of the Rydex Assets Ratio ended the week at 7.95 which is extremely high. The highest ratio in my database being 8.39 on 03/13.
06/06: lipperusfundflows reported Equity Fund (inc ETF) inflows of $3.7 Billion in the week to 4th June
06/06: lipperusfundflows ex_ETFs reported Equity Fund inflows of $457 Million in the week to 4th JUne
VIX
06/06: VIX closed at 10.73 on Friday, its lowest close since Feb 2007