Bullish Percent Indicators: 2 February 2024

Theater Dome

U.S. Equities ended the week on a strong note.  Is this reflected in the Bullish Percent Indicators?  Did any sectors drop into the oversold zone?  Follow the tables below for answers to these questions.

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Index BPI

Frankly, I was surprised both the NYSE and NASDAQ dropped in the percentage of bullish stocks.  The slight decline may be due to some of the smaller cap stocks dipping in value.  It is hard to tell as the indexes that cater to large cap stocks also dropped in the percentage of bullish stocks.  I anticipated more indexes to show stronger bullish percentages.

All seven indexes are now bearish despite the NASDAQ 100 and the DJIA residing in overbought territory.

Sector BPI

Sectors is where we come for our Buy and Sell instructions for sector ETFs.  Investors managing a Sector BPI portfolio will not find any sectors oversold.  Staples (VDC) has yet to reach the overbought zone.  Other sectors that were or are still overbought have Trailing Stop Loss Orders (TSLOs) in place.

No new action is required this week.

Questions and Comments are always welcome.