Energy, specifically oil & natural gas, has been a leading sector lately, despite Oil's crash and burn. It would be so counter-intuitive to start shorting energy stocks now since every lil rally in the SPY gets XLE outrunning most other sectors.
The last time bullish percentage signaled a fake out, there had to be a significant bullish trend to get back above the rising trend line and this was a great buy signal as well.
* I just noticed that most downtrends started at approximately 70-90% range, not 50's, so it could be a nice buy signal if and once the BP goes back above the trend line*
Question is, does the BP indicator get back above the trend line or just keeps falling?
Only next week or 2 it would be known known for sure.
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