Intuition fails again as I thought this was a better week for U.S. Equities than what is showing up in the following data tables. While the X’s and O’s provides a quick look at market action, the percentages found in the left side of the tables is more informative of what exactly is happening.
Index BPI: With the DJIA and DJTA going “negative,” we now have all major indexes with exception of the NYSE closeted with the defense. The percentages tell us that four indexes are over-bought so we still have a high market. The Dow Transportation took a big hit moving from 75% bullish down to 65% bullish.
With the NYSE moving up slightly, it is safe to assume some of the smaller cap stocks flipped from bearish to bullish.
Sector BPI: Sectors of the market tell a slightly different story as there is a net gain of one (1) on the bullish side since last week. All but two of the sectors are over-bought. This is not a hopeful sign going forward as we can expect to see a “return-to-the-mean.”