It was my intention to skip a week of Bullish Percent Indicator data, assuming there were few changes over the past week. Not so. Tech stocks dipped this last week as shown in the NASDAQ and NASDAQ 100. It appears as if investors shifted that money over to other large-cap stocks. Note the increases in the S&P 500 and DJIA.
Index BPI: While the Dow Jones Industrial Average (DJIA) moved up, it did so at the expense of the DJTA and NASDAQ 100. For the week we are one up in the offensive camp while two flipped over to the defense.
Sector BPI: Among the sectors we have a net gain of one sector moving into a position of offense. Staples and Energy fell into a defensive position while Health, Telecom, and Utilities shifted to offense. Heath is getting buffeted due to politics while Telecom and Utilities are defensive or income yielding sectors. Are investors preparing for some sort of market correction?
Generally, there is very little action in Telecom and Utilities so watch those two sectors to see if money continues to roll that direction.