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Aug 26th, 2010: Bullish Indicators

Posted by pugsma on August 26, 2010

5:25 pm EST:  Some contrarian bullish indicators tonight when the rest of the blogsphere will likely be very bearish.  Bottoms are established under these conditions, not tops.

  • AAII Sentiment Survey has hit the bearish levels seen at the Feb 5th and July 1st lows:   20% bulls, 50% bears and 30% neutral.
  • The SP-500 daily chart shows a red cande without breaking the prior days low following up the bullish hammer candle at lows since Feb 5th (see chart).
  • Copper had a strong follow-up rally today to yesterday’s rally.  It is positively diverging with respect to the SP-500 weakness today (see chart).  Also, Oil had a follow-up bull rally today.

Sentiment Survey Past Results

Reported Date Bullish Neutral Bearish
August 26: 20.74% 29.79% 49.47%
August 19: 30.11% 27.42% 42.47%
August 12: 39.76% 30.12% 30.12%
August 5: 30.39% 31.37% 38.24%
July 29: 40.00% 26.67% 33.33%
July 23: 32.16% 22.81% 45.03%
July 15: 39.37% 22.83% 37.80%
July 8: 20.94% 21.99% 57.07%
July 1: 24.68% 33.33% 41.99%
June 24: 34.46% 33.11% 32.43%
June 17: 42.45% 26.89% 30.66%
June 10: 34.48% 22.41% 43.10%
June 3: 37.09% 22.07% 40.85%
May 27: 29.82% 19.30% 50.88%
May 20: 41.30% 25.00% 33.70%
May 13: 36.60% 26.80% 36.60%
May 6: 39.13% 32.30% 28.57%
April 29: 41.36% 30.00% 28.64%
April 22: 38.12% 27.62% 34.25%
April 15: 48.48% 21.82% 29.70%
April 8: 42.86% 26.79% 30.36%
April 1: 41.30% 27.54% 31.16%

SP-500 Daily Candle Chart:

SP-500 vs Copper 60-min Chart:

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