All the primary indexes are back in the offensive tent, with exception of the DJTA, while the sectors are all over the place. In the following tables, check both the percentages and the X’s and O’s.
Index BPI: Both the NYSE and NASDAQ moved up a few percentage points while the Dow Jones Transportation Average (DJTA) dropped from 90% to 80%. One can only hope this percentage drop is not a bad omen. Overall, the broad market has been strong since mid-December of 2018.
Sector BPI: There are two mid-week anomalies to identify. While Health moved out of the over-bought zone, it turned bullish (X’s in right-hand PnF column) due to action during the week. Utilities is the other sector to show an increase in the percentage of bullish stocks, yet it turned bearish (O’s in the right-hand PnF column). We see this counter intuitive action from time to time. Overall, half the sectors are bullish while the other half are bearish. Looking at the percentages on the left of the table, half the sectors are over-bought.
It continues to be a strong market, but we might be in for a period when the strength in equities moves from sector to sector.