Heck of a sell-off on Friday, wasn’t it? This coming Monday could be interesting. While I think that on Monday, the sell-off will continue, the models predict most sectors to be positive. The overall 30-day score, the average of all the sectors, remains unchanged. This week’s average is 4.07. So the models are still bearish.
For the third week in a row, the Energy sector is in the number one spot with the most bullish number. Energy’s 30-day average score is 5.16, down from 5.33. The models continue to look for a peak during the first week and the second week of September. The Biotechnology sector comes in second with an average score of 4.56, slightly above the neutral number of 4.5. The models have Commodities with some strength during the third week of September.
The three sectors at the bottom of the list are Technology with a score of 3.62, the Consumer sector scoring 3.63, and Bonds with a score of 3.79.
So, like the past seven weeks, the models are bearish, except for Energy.