Clocking in as the highest scoring Japanese ETF within the group is the First Trust Japan AlphaDEX Fund (FJP) with a strong 5.86 (out of 6).
There were no changes to any of the First Trust Models covered within the report this week.
Tuesday’s (8/19) Daily Equity Report highlighted the recent group score improvement within Japanese equities on the Asset Class Group Scores page. Clocking in as the highest scoring Japanese ETF within the group is the First Trust Japan AlphaDEX Fund (FJP) with a strong 5.86 (out of 6). On the ETF’s default point and figure chart, FJP has rallied from the mid $40s to mid $60s in a single column of Xs, returning to a positive trend and buy signal in the latter part of May. To glean perspective on recent action, the more sensitive 0.50 point per box chart is shown below. After a brief sell signal in early July, FJP returned to a buy signal by breaking a double top at $60.50 in the latter half of the month. Action within August so far has brought about a second buy signal and the ETF’s rally to a new all-time chart high as of 8/15. With a Weekly OBOS reading north of 100%, FJP trades in overbought territory near the top of the 10-week trading band. Those seeking exposure to the fund are best served by looking for a pullback to the lower $60s before considering. Initial support on the more sensitive 0.50 point per box chart can be found at $59 and $57.50.
