It has been several weeks since I last posted the Bullish Percent Indicator data. Just how much damage occurred this past week is another motivator to post this information. As you will see in a moment, this was a very poor week for U.S. Equities.
This past week was nearly a complete reversal from bullish to bearish. As you can see from the right side of the following table, all major indexes are currently bearish. To see the percentage damage, check the left side of the table. The Dow Jones Transportation Average took the biggest hit as the number of bullish stocks was cut from 70% down to 35%.
Only the S&P 100 remains in the over-bought zone. This is when 70% or more of the stocks within the index have a bullish Point and Figure (PnF) graph.
Sectors of the market did not fare much better as all but Health and Telecom are bearish.
Materials took one of the biggest hits. From what I hear, prices of steel, wood, and paint are going through the roof. Watch the ETF TIP to see if inflation is on the rise.