Garibaldi – On Oregon Coast
Is the “summer seasonal effect” beginning to show up in the U.S. Equities market? Weakness is certainly in the air as numerous indexes and sectors moved down this week.
Index BPI: With three more indexes moving from the offensive position over to defense we now have five of the big seven in negative territory. The majority of these indicators are now below the over-bought zone of 70% or greater. The NASDAQ is at a price point that may provide buying opportunities later this summer or early fall.
Sector BPI: The sectors are equally divided between the offense and defense as Energy and Financial shifted to the defense while Staples moved back into the offensive position. The majority of the sectors are still over-bought or not the best condition for adding ETFs.
Bullish Percent Indicators are not used for specific buying and selling decisions, but are presented on a weekly basis to provide a broad view of the U.S. stock market.