There is a change to the Invesco Commodity Model POWRSHARES this week: sell the Invesco DB Gold Fund DGL and buy the Invesco DB Oil Fund DBO. DGL was removed because its rank in the model’s relative strength matrix fell below the threshold to remain a holding in the portfolio.

While DBO’s fund score remains in the unfavorable range at 1.13, we have recently seen improvement from crude oil CL/ as it broke a triple top at $42 in last week’s trading and currently sits at $43 on its default chart, matching the highest level it has reached since March. In addition to oil, the model has exposure to base metals. Year-to-date POWRSHARES has generated a price return of 25.83%.

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

54.39

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