Few changes occurred this past week in either the main indexes or market sectors. The Dow Jones Transportation Average (DJTA) switched from offense to defense as the percentage of bullish stocks in that index dropped by more than 3.0%.
Index BPI: The DJTA dropped back to the 55% bullish level or what it was a few weeks ago. A three percent change is required for an index or sector to move from one team to the other. The majority of indexes are now controlled by the defense.
Sector BPI: Energy was the single significant change in the sectors as it moved up from 54.05% to 66.66% bullish. This is a huge change in one week.
Overall, most of the indicators this week were slightly weaker than last week.