There are no changes to any of the Invesco models this week. As we do each quarter, today we review the performance of the models covered in this report.

US equities stumbled in Q1 as the S&P 500 finished the quarter down 4.5%. The DWA Sector 4 Model (POWER4) and Invesco Sector Seven (POWER7) each lagged the broader market as exposure to consumer cyclicals and technology weighed on performance. The Invesco Dynamic Equal Weight Sector Model (GUGGEWSECT) benefited from its equal weighted exposure as mega cap stocks were among the hardest hit in the sell-off and the model slightly outperformed its benchmark. While the biggest stocks were among the worst performers within the S&P 500, there was not a broad bias towards smaller stocks as the S&P 600 Small Cap Index (SPSML) finished the quarter down more than 9% while the Invesco Small Cap Sector Model (POWERSMALL) lost a little over 10%.

International equities outperformed US stocks in the first quarter as the MSCI EAFE Index (EAFE) gained more than 6%. Each of the global Invesco models underperformed the benchmark as they were overweight domestic equities.

The Invesco Commodity Model (POWRSHARES) finished the quarter down 0.07%. Energy exposure, which the model held throughout the quarter, was the major factor in its underperformance.

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.

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.