SOX Index BPI - Technical Watch

Bullish Percent Index
Semiconductors
Week Ending 4/19/24

The Bullish Percent Index (BPI) is another way to look at market breadth, or money flow, and can therefore be a useful tool to measure sentiment as well.

The BPI is calculated by dividing a basket of stocks in a given group or index that are on buy signals - based on a charting method known as "Point and Figure" - by the total number of stocks in this same group or index. Percentage readings above the 70% level would be considered "overbought", while readings below the 30% level would be considered "oversold" as it would pertain to each group or index individually. A classic BPI buy signal is generated when the "bullish percent" moves below the 30% level and then reverses up by at least 6%, while a BPI sell signal is generated when the "bullish percent" moves above the 70% level and then reverses down by at least 6%.

Further information on Point and Figure charting and the Bullish Percent Index can be found at Dorsey, Wright & Associates and in the books shown below.

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