Bullish Percent Indicators are designed to give investors a quick look at the U.S. Equities market. We don’t gain any insights into International Equities or many other asset classes.
I no longer post this data weekly as not much is happening from week to week. My intuition was telling me we would see bullish indicators this week due to the strong market on Friday. We see some positive action as four major markets switched from defense to offense and five sectors made the same leap.
Pay special attention to the NYSE and NASDAQ. The NYSE moved from defense (O’s) to offense (X’s) while the NASDAQ did not change. Yes, there is a slight improvement in the percentage of NASDAQ bullish stocks, but insufficient to move from O to X. However, we see the NASDAQ 100 did make the switch. This tells us the large-cap tech stocks moved up more than the smaller tech stocks.
At least we now have over one-half the major indexes in the offensive camp.
The sectors are evenly divided between the offense and defense. Staples is the only sector to show a percentage loss from last week to this week.
Utilities continues to be way over bought with 96.4% of all utilities stocks showing bullish signs. My guess is that investors flock to Utilities to capture income.
With many of the BPI graphs running in the 40% to 60% bullish range, this is a reasonably priced market. It is neither over-bought or over-sold.