Overall, the U.S. Equities market ticked up slightly this past week as indicated by the NYSE bullish percentages. However, the move was not sufficient to change any of the positions from defense to offense. Sectors of the market were mixed as readers can see from the second table.
Index BPI: Only the Dow Jones Transportation Average (DJTA) remains in the camp of the offense. I rate this a “flat” week as some indexes moved up while others show a decline in the percentage of bullish stocks within the index.
Sector BPI: Financial and Technology sectors moved from offense over to defense this past week. Technology is one of those unusual situations where the percentage of bullish stocks dipped during the week, then rebounded to where the percentage of bullish stocks is higher this week than last, but overall the Point and Figure (PnF) graph is still bearish. This happens from time to time due to erratic behavior during the week and ends up a tad confusing when we only look at end of week results.
As mentioned above, this was essentially a flat week and as we see from our ETF ranking spreadsheet, most portfolios remain heavily invested in SHY or money markets.