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. Technology continues to maintain the #1 rank in the DALI US sector rankings.
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.
