There are no changes to any of the Invesco models this week. As we do each quarter, today we will review the performance of the models covered in this report. It was a rough quarter for US equities as worries about AI and the war in Iran led the S&P 500 to decline more than 4.5%. The NDW Sector 4 Model (POWER4), Invesco Dynamic Equal Weight Sector Model (GUGGEWSECT), and Invesco Sector Seven Model (POWER7) all outperformed S&P 500 by more than 10% for the quarter, aided by exposure to the energy sector. Small cap stocks fared better than their large cap counterparts as the S&P 600 Small Cap Index finished the quarter with a gain of 3.1%. The Invesco Small Cap Sector Model (POWERSMALL) outpaced the benchmark, advancing a bit under 11%. Like the large cap models, POWERSMALL also benefited from energy exposure.

International equities struggled toward the end of the quarter as a rising US dollar acted as a headwind and the benchmark iShares MSCI ACWI ETF (ACWI) finished the quarter down -2.21%. The NDW Global Factor (GLOBALFACTOR) and NDW Global Technical Leaders Portfolio (TECHLEADERS4) both finished the quarter in positive territory, however.

It was a rocky road for commodities in Q1 as precious metals experienced sharp declines from the highs they reached earlier the year, meanwhile, the conflict in the Middle East spurred a gain of more than 75% for crude oil. The Invesco Commodity Model (POWRSHARES) finished the quarter up just over 19% but trailed the benchmark which gained 19.99%.

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. 

928= Intl.

929 = Mkt

930 = Sect

931 = commod

932 = dyn

* - 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.