There are no changes to any of the Invesco models this week. While the market has been in risk-on mode over the last couple of weeks and domestic equities have regained the top spot in the DALI asset class rankings, we are still seeing relatively strength from some traditional defensive areas, like utilities. Utilities have been one of the best performing sectors in the S&P 500 this year and currently rank fourth in the DALI sector rankings.

Those looking to allocate towards this area of strength may wish to consider the Invesco S&P Equal Weight Utilities ETF (RSPU). After falling to a sell signal in April, RSPU rallied, returning to a buy signal in early May when it broke a triple top at $71. The fund has continued higher and reached a new all-time high in Friday’s trading. RSPU currently has a strong 5.63 fund score, which is 1.07 points better than the average for all utilities funds, and a positive 2.18 score direction. While it sits at an all-time high, RSPU remains in actionable territory on its 10-week trading band with weekly overbought/oversold (OBOS) reading of 51%. Year-to-date (through 5/16) RSPU has gained 10.13% on a price return basis, outperforming the S&P 500 by more than 8.5%. The fund also carries a 2.5% yield.

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.