With Monday's market action, bullish percent charts for the Oil and Oil Service sectors reversed up into X's.

With Monday’s market action, we saw the Bullish Percents for the Oil and Oil Service sectors reverse up into X’s.  Bullish Percent charts measure the number of stocks within a given universe that are trading on a Point & Figure buy signal, and therefore serve as a participation indicator for that universe.  With the BPOIL chart’s reversal, the chart currently sits at 46%, telling us that 46% of the names we track within the Oil Sector are trading on a buy signal.  The BPOILS chart sits at 36% after hitting the 30% level in April.  Though we’re seeing positive participation broaden in these sectors, not every name is participating, so it is still important to evaluate prospective positions for technical soundness.  To do that, you can use individual RS comparisons, the Query Tool, or Premade Matrices for idea generation. You can view the Oil Service Sector matrix by clicking here  and the Oil Sector matrix by clicking here.