There were no changes to any of the First Trust Models covered within the report this week.

Like the index it maintains commonality with, the Nasdaq-100 (NDX), the First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) moved to a new all-time chart high at $140 with intraday action on Tuesday (7/29). This continues a current column of Xs that has been in place since late April on the default point and figure chart and follows a move back into a positive trend in mid-May. The positive trending picture coupled with positive near- and long-term relative strength against the market as defined by the S&P 500 Equal Weight Index (SPXEWI), brings the ETF’s fund score up to a strong 5.32 (out of 6). Although extended on the default point and figure chart, QQEW isn’t quite as overbought as the Nasdaq-100 and other similar large cap US Equity indices and trades within an actionable range. Those who may be seeking alternative Nasdaq-100 exposure could consider QQEW here or on a pullback to the mid $130s. Initial support can be found at prior resistance at $136, while additional support can be found on the more sensitive one point per box chart in the upper $120s and $110 range. Year-to-date, QQEW is up 11.5% and is outpacing the Nasdaq-100 by 50 basis points.

This weekly overview is designed to be used as a "radar" screen to bring your attention to potentially important technical changes that may require your attention and potential action. When evaluating the Fund Score, the strongest issues have scores of 4 or higher while those ETFs with scores below a 3 are no longer considered solid citizens.

The ETFs with the most relative strength buy signals (suggesting outperformance) versus the others in the group are listed at the top. These ETFs should be overweighted in the portfolio. Those ETFs with the least amount of relative strength buy signals versus the others in the group are listed at the bottom. These ETFs should be underweighted in the portfolio.

The First Trust ETF Portfolios are designed to identify major sector themes in the market place through the use of the Point & Figure relative strength tools. For more information on the portfolio construction and back testing, see the model info file on the models page.  To enter a portfolio amount and see shares to be purchased as well as modify the portfolio to your specifications, click here. (Note: The First Trust ETF Portfolios will be updated Wednesday mornings by 9:30 am EST) 

Weekly Changes:  There were no changes to any of the First Trust Models covered within the report this week.

* - Dates prior to 1/9/2008, which is when the First Trust Sector ETF Model Portfolio became available in the First Trust Weekly ETF Report, are representative of when the position was added to the backtested model.

* - The next evaluation date for the Focus Five Model is Wednesday, August 6th, 2025. Dates prior to 10/20/2009, which is when the First Trust Focus Five ETF Model Portfolio became available in the First Trust Weekly ETF Report, are representative of when the position was added to the backtested model.

* - The next evaluation date for the Thematic Focus Five Model is Wednesday, August 6th, 2025. Dates prior to 9/13/2023, which is when the First Trust Thematic Focus Five ETF Model Portfolio became available in the First Trust Weekly ETF Report, are representative of when the position was added to the backtested model.

* - The next evaluation date for the International Focus Five Model is Wednesday, August 13th, 2025. Dates prior to 2/22/2012, which is when the First Trust International Focus Five ETF Model Portfolio became available in the First Trust Weekly ETF Report, are representative of when the position was added to the backtested model.

Am I better off owning the managed mutual fund or the unmanaged ETF? The table below will help you answer that question. For each of the nine major asset classes and sectors, see the Top 20 mutual funds in NAV compared to the First Trust Universe of ETFs. The results are ordered by Fund Score, from highest to lowest. The Fund Score is a snapshot of the overall health of the fund based upon relative strength versus the broad market, relative strength versus its peers, and other trend measures. Those ETFs and Funds with a score above 3 are considered solid citizens with those having scores of 4 and above ideal candidates for purchase. Those ETFs and Funds with a score below 3 should be examined closer from a technical basis as they are not holding their ground versus the market and their peer group.
 

(Click any link above to see the Fund Score of the First Trust ETFs and the funds with the largest Net Assets in that category)