On April 6, 2018, Guggenheim Investments closed the sale of its ETF business to Invesco, Ltd. The Guggenheim ETFs have been transitioned, or are in the process of being transitioned to become part of the Invesco fund family. Please visit invesco.com/powershares for information concerning the ETFs.

There are no changes to be made within either of the Dorsey Wright Invesco Models this week, as each of the current holdings continues to maintain positive relative strength within the respective universes.

Over the past year and a half, we’ve continued to see technology dominate the DALI US sector rankings, maintaining the #1 position over that period. Even with the volatility experienced earlier this year, this sector trend is still in play today. We can look at the chart of the Invesco S&P Equal Weight Technology ETF RYT for further confirmation. Notice that with Monday’s intraday action, shares of RYT moved higher to $162 and are now trading at levels last seen in March of this year. From here, a move to $164 would break through all overhead resistance and mark a new all-time high. Currently, RYT has a fund score of 5.54 with a positive score direction of 0.50 and is outscoring the average tech/comm fund (4.83), the average US fund (3.65) as well as the average US large-cap growth fund (4.33). RYT has been a holding in the Invesco Dynamic Equal Weight Sector Model GUGGEWSECT since September 2016. Since being added, RYT has posted a gain of 56.65% compared to the S&P 500 Index SPX, up just 26.00%. The GUGGEWSECT model itself is up 26.16% over the same time frame (through 6/4). Overall, demand is in control and the weight of the technical evidence is positive. At this time, RYT is 64% overbought, so those looking to initiate new positions may best be served to do so on a pullback to the mid $150s. The first sell signal from current levels would come with a move to $146, a triple bottom. 

The distribution curve places each ETF on a bell curve according to their respective degrees of overbought or oversold status using a 10-week distribution. ETFs that are statistically oversold will appear on the left-hand side of the bell curve, while those that have become statistically overbought will appear on the right-hand side of the bell curve. Perhaps the most useful attribute of this feature is that it displays the entire universe on the curve at one time to give us a general picture of whether the Invesco ETF universe is generally overbought on a near-term basis, or generally oversold. Our best opportunities are to buy strong relative strength ETFs that have regressed back toward mean conditions based on market weakness or have become oversold based upon extreme market weakness. Weekly Distribution is a short-term gauge that is most helpful in timing entry and exit points, while the longer-term information of trend and relative strength is a more controlling factor in the decision of whether to buy or sell.

Average Level: 25.32

The average Bullish Percent reading this week is 51.28% up 0.21% from the previous week

							RPV
							RTM
							RYH	wmcr
							CZA	cut
							sea	XLG
						RYF	CQQQ	cvy
						lvl	rye	RFG
						RGI	CSD	NFO
						hgi	RSP	RFV	RYT
				RHS	ryu	eeb	wrei	RPG	hao
	frn	ewem	tan	gsy	eny	DEF	tao	RCD	RYJ	rzv	RZG
<--100	-100--80	-80--60	-60--40	-40--20	-20-0	0-20	20-40	40-60	60-80	80-100	100->

Legend:

• UPPERCASE indicates that the RS chart is on a buy signal.
• lowercase indicates that the RS chart is in a sell signal.
• GREEN lettering indicates the ETFs trend chart is on a buy signal.
• RED lettering indicates the ETF is on a sell signal.
• Box Color indicates the Sector Status Rating. Green = Favored, Yellow = Average, and Red = Unfavored.

This section of the report categorizes all of the Invesco ETFs by their respective broad group. Along with each group, you can view the Average Group Score, which is an average of the scores of all funds represented in that particular group. Those Invesco ETFs that meet or exceed the Average Group Score will be highlighted in green in order to easily view those Invesco ETFs that have superior strength within their respective group. You want to focus on those ETFs that exhibit superior strength when looking to add new exposure to a particular group.

The DWA Matrix uses a Point & Figure relative strength comparison of each index to one another to identify the strongest and the weakest among the universe used. 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 DWA Matrix uses a Point & Figure relative strength comparison of each index to one another to identify the strongest and the weakest among the universe used. 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.

Weekly Update:

* - Dates prior to 10/14/08, which is when the Invesco Special Opportunities Model ETF Portfolio became available in the Invesco Weekly ETF Report, are representative of when the position was added to the backtested model.

* - Dates prior to 8/15/2017, which is when the Invesco Dynamic Equal Weight Sector Model became available in the Invesco Weekly ETF Report, are representative of when the position was added to the backtested model.