All the major indexes are controlled by the offense as the New York Stock Exchange flipped, even though the percentage of bullish stocks dropped slightly. All the other indexes held even or increased the number of bullish stocks.
Index BPI: Bullish is now unanimous among the indexes. Equities have performed very well over the past few months. When we have this many over-bought indexes we remain in the market, but with a cautious bent.
Sector BPI: Two sectors exchanged offense-defense positions as Energy joined the defense while Materials moved back on offense. Six of the ten sectors are over-bought. This simply means that of all the stocks within a sector, 70% or higher exhibit a bullish Point and Figure graph.
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