Technical indicators such as Bullish Percent Indicators are helpful, particularly when attempting to view the broad market. From the looks of the Point and Figure date emerging from the seven major indexes, the market looks strong, but in all but two cases is over-bought.
Index BPI: Only the NASDAQ and Dow Jones Industrial Average (DJIA) are not over-bought. If one looks back to July 1, 2016, stocks were a much better buy than we see right now. Not shown on these tables is the excellent buying conditions that existed about one year ago. As we progress through 2017, watch for a time when we see quite a few green cells or a time when the BPI values dip to 30% or below. That will be the time to load up on equities.
Sector BPI: Within the sectors we see some buying opportunities. Discretionary, Staples, Health, and Telecom are reasonably priced even if they are not outright buys. As with the major indexes, the last time we saw numerous good buys was about one year ago.
These two tables are provided to give ITA readers a broad look at U.S. Equites. My view is to take this information and be a cautious buyer when securities are recommended when using the Kipling Tranche spreadsheet.