This past week we see some improvement in U.S. Equities based on Point and Figure (PnF) data, but the positives are not showing up across all sectors. As readers will see in the percentage changes below, specific sectors such as Discretionary, Health, and Technology spiked while most of the others declined or are essentially flat since last week.
Slight improvement showed up in most of the major indexes. The transportation average decline while the technology stocks within the NASDAQ 100 made a strong move to the upside. None of the indexes are either over-bought or over-sold.
Drilling down into the sectors we see a split market. As mentioned above, Discretionary, Health, and Technology in particular made significant moves to the upside. If one is looking for buying opportunities, those are past for this cycle. The middle of June was the time to buy sector ETFs. I think most of those purchases were sold in July or August when the ETFs hit their 3% TSLO values as the market pulled back.
Use the right side of the tables for the broad view and the left side, where percentages are posted, for detailed information.
If you have regularly been following the ITA portfolio reviews you are well aware that equities are not currently favored. Instead, most of the holdings are positioned in TIPs such as SCHP where the current yield is 6.5%. If looking for income, check out the Huygens portfolio.