Several weeks ago was the last time I published information on Bullish Percent Indicators. Friday’s market decline is the motivation for posting this information as I am interested in how the decline of U.S. Equities impacted the Point and Figure graphs.
An earlier version was deleted from the Internet so this is a quick second version of this blog post.
All major indexes are bearish and this comes as no surprise. Based on the fact that most of the indexes fall in the 40% to 60% range indicates the market is properly valued. Not too high and not too low. Check the row for last week and you will see the market was already in decline.
Staples actually showed a few more stocks move to the bullish side. Utilities held up quite well as investors tend to move to stable stocks when the market is rocked as it was on Friday.
As with the indexes, the sectors come in around 50% +/- 10%. Do not panic. Stick with your investing model and if you have cash, look for buying opportunities this coming week.