Bullish Percent Indicators show few major changes this past week. We lost a little ground in several of the broad indexes, but picked up a few more offensive “linemen” in sectors of the market.
Index BPI: The two broad indexes of most importance are the NYSE and NASDAQ. Both dipped slightly this week. The NASDAQ moved down enough to move the offense-defense needle over to the defense. That simply means there are O’s in the right-hand column when we look at the Point and Figure (PnF) graph for this index. The S&P 500, another important index, also moved from offense to defense. Only the Dow Jones Industrial Average (DJIA) is located in the offensive camp. Check the percentages for more details.
Sector BPI: Sectors of the market ran counter to most of the major index, a bit of an anomaly. Four sectors moved from defense to offense, while only one sector (Financial) made the reverse move. If you examine the percentages, the changes were minor over the week. Keep in mind the percentages do not reflect day to day changes – only week to week.