There are no changes to any of the Invesco models this week. The Invesco PHLX Semiconductor ETF (SOXQ) was down more than 10% last Friday (6/5) as semis led a pullback in the broader technology sector. Despite the large single-day decline, technology remains at the top of the DALI sector rankings and semiconductors rank second out of all 41 constituents in the NDW Group Matrix.

SOXQ fell out of heavily overbought territory and now sits two boxes above previous resistance at $95, offering a potential entry point for those looking to add semiconductor exposure on this pullback. SOXQ’s five largest holdings are Micron Technology Inc (MU), NVIDIA Corp (NVDA)), Marvell Technology Inc (MRVL), Broadcom Inc (AVGO), and Advanced Micro Devices Inc (AMD), which make up about 42% of the fund and all five have a technical attribute rating of three or higher.

Friday’s move did result in SOXQ reversing into a column of Os on its market RS chart, but the fund still shows a strong 5.14 fund score, which is 0.97 points better than the average for all technology and communications funds. Beyond the prior resistance at $95, the next level of support on SOXQ’s default chart sits at $86. Year-to-date (through 6/5) SOXQ has gained 72.66% on a price return basis.

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.