Bullish Percent Indicators are included as a way to give a broad view of U.S. Equities markets. I pay most attention to the NYSE and NASDAQ indexes as these two include the most stocks. These two screenshots provide a market overview, but I don’t use them to manage portfolios.
Index BPI: Only two of the seven indexes are over-bought. They are the S&P 100 and DJIA so we know large-cap stocks are market drivers. These two indexes are in need of a correction and the S&P 100 moved down this week.
Both the S&P 100 and NASDAQ 100 turned negative this week and it well could have been the same stocks that turned both over to the defense.
Based on the percentage increases, these last two weeks have been good ones for the stock market.
Sector BPI: Three sectors (Discretionary, Staples, and Technology) moved from offense to defense while one (Telecom) flipped back to offense. I don’t like to see Technology go negative as it tends to be a market driver.
While different parts of the market are moving in different directions, the overall direction is still up.