There is a change to the Invesco Special Opportunities Model GUGGSO this week. Sell the Invesco China Technology ETF CQQQ and buy the Invesco Raymond James SB-1 Equity ETF RYJ. CQQQ was removed because its rank in the model’s relative strength matrix fell below the threshold to remain a holding in the model. In place of CQQQ, the model added RYJ as it was the highest-ranking fund in the matrix that was not already a holding in the portfolio. This is the fourth change to the model this year.

RYJ tracks an index of US-listed equity securities rated Strong Buy 1 by Raymond James & Associates, Inc. RYJ currently has a strong 4.79 fund score, 1.07 points better than the average for all growth and income funds, and a positive 1.39 score direction. RYJ’s three largest sector exposures are financials (23.10%), healthcare (17.25%), and technology (14.76%).

On its default chart, RYJ has given two consecutive buy signals and reached a new all-time high earlier this month before pulling back to the middle of its trading band. Year-to-date (through 3/26) RYJ has gained 13.86% on a price return basis, while the S&P 500 SPX is up 5.82%. In addition to RYJ, GUGGSO also has exposure to spin-offs, mid cap equities, small cap equities, and buybacks. Year-to-date the model has gained 7.30%.

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

11.20

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

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* - 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.