There are no changes to any of the Invesco models this week. While Industrials remains in the bottom half of the DALI domestic equity sector rankings, it is the most improved sector over the last 30 days (7/27 -  8/27), as discussed last Friday’s Daily Equity Report. In last week’s trading, the Invesco DWA Industrials Momentum ETF PRN reached a new all-time high at $78 on its default chart. PRN boast a strong 5.30 fund score, 1.03 points better than the average for all industrials funds and has a positive 2.35 fund score direction. Since bottoming in March along with the broader equity market PRN has given five consecutive buy signals on its default chart. Year-to-date (through 8/27) the fund has notched a price return of 14.49%, which is almost 6% better than the S&P 500’s SPX return of 8.58% and recent flip to positive monthly momentum is a positive sign for the fund’s prospects for additional upside.

PRN’s weekly overbought/oversold reading of 104% puts the fund in heavily overbought territory, so those looking to add exposure may be best served to wait for a pullback or for prices to normalize at their current level. PRN has most recently found support at $65, with additional support afforded at $60.  

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

55.24

								PTF
								PPA	RZG
								RPV	eny	RHS
								pcy	pkb	PWC
								dbo	RSP	DBS
								pxf	pio	cut
								phb	rtm	dba
								pgj	RYJ	csd
								cqqq	pbp	piz
								dbe	PBS	PEJ
							pxh	CZA	rfv	pgf
							psr	CGW	PKW	UDN	PSL
							gsy	DBP	pbj	PFM	PRN
					pza		PSI	pyz	pdn	pgx	pzd
					PTH		PXQ	EWMC	PFI	DBB	RCD
					pwz	pzt	DGL	ewsc	RFG	RGI	PBW
					pxj	kbwy	ryf	picb	PRF	RPG	pez
					rye	DBV	RYH	pid	dbc	adre	XLG
					PJP	pxi	PHO	pie	psp	DEF	PWB
				PVI	pui	KBWD	cvy	PRFZ	PNQI	PDP	TAN
	UUP		PLW	pbe	ryu	pey	PSJ	rzv	RYT	pin	pbd
<--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.

The table below is a review of important technical data on a select group of Invesco ETFs. Significant changes within the past week are highlighted in Green if positive or Red if negative. This portfolio 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. Below this week's featured portfolio is the ability to see other Invesco portfolios including Market, Sector, International, Dynamic family, and RAFI family. 

* - Dates prior to 1/24/2011, which is when the Invesco Sector Seven ETF Model Portfolio became available in the Invesco Weekly ETF Report, are representative of when the position was added to the backtested model.

* - Dates prior to 6/1/10, which is when the Invesco Small Cap Sector 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 6/7/13, which is when the DWA Global Technical Leaders Portfolio became available in the Invesco Weekly ETF Report, are representative of when the position was added to the backtested model.

* - Dates prior to 8/31/15, which is when the Invesco Multi Factor Global Equity Model became available in the Invesco Weekly ETF Report, are representative of when the position was added to the backtested model.

* - 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.