A stronger market this past week resulted in the Bullish Percent Indicator improving for several indexes. However, our primary BPI, the NYSE, continued to decline. The data is presented in the following table. Note that the NASDAQ 100 shifted the ball from defense to offense. It will be interesting to see if technology leads the U.S. market out of this mini-bear market.
Each of the six major indexes showed improvement this week with exception of the NYSE, our most important index. The hidden columns between G and P show the differences from week to week. Since the table is already so wide that one needs to scroll from side to side, I hid that information as it is not all that useful. The red background of an index indicates an overbought situation. Green is an oversold condition. No index fits either classification this week.
Sectors: The table below breaks the U.S. Equities market into ten different sectors. Energy and Materials handed the ball off to the other side, one to the offense (X's) and one to the defense (O's). I don't pay as much attention to the sector BPI values as I do to the NYSE. However, it is worthwhile watching what the different sectors do as we may find a buying opportunity in the future.