It hasn’t been talked about much but the Nasdaq 100 (QQQ) remains up on a year-to-date basis with a 2020 gain so far of 1.62%. Below is a snapshot of QQQ and other major US index ETFs run through our Trend Analyzer tool that’s available to Bespoke Premium and Bespoke Institutional members. Note that all but two of these index ETFs have now moved back above their 50-day moving averages, which often acts as a key support/resistance level. The Nasdaq 100 (QQQ) is the farthest above its 50-DMA at +6.81%, followed by the S&P 100 (OEF) and the three main S&P 500 ETFs (IVV, SPY, VOO). The Total Stock Market ETF (VTI) is 2.8% above its 50-DMA, while the mid-cap ETFs like IWR, IJH, and MDY are all just slightly above their 50-DMAs. While the Micro-Cap ETF (IWC) is above its 50-DMA, the two main small-cap ETFs (IWM, IJR) are the ones that remain slightly below. Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.
Below is a snapshot of the main S&P 500 sector ETFs from our Trend Analyzer tool. While almost all of the broad US index ETFs are back above their 50-DMAs, only six of eleven of the sector ETFs have re-taken them. The Health Care sector (XLV) is the farthest above its 50-DMA at +9.42%, and Health Care is the only sector that is now trading in overbought territory. It’s also the only sector that’s up year-to-date, similar to QQQ. Consumer Discretionary (XLY), Technology (XLK), Materials (XLB), Communication Services (XLC), and Consumer Staples (XLP) are the other five sectors above their 50-DMAs.
On the downside, the Energy sector (XLE) is no longer the farthest below its 50-DMA; that title now belongs to Financials (XLF) which is 3.73% below. The Industrials sector (XLI) is 2.9% below its 50-DMA, followed by Energy (XLE) at -1.38% and Utilities (XLU) at -0.80%.
While Health Care is up on the year, three sectors — Energy, Industrials, and Financials — are still down more than 20% year-to-date. Gain access to our Trend Analyzer tool and our daily investment research with a two-week free trial to Bespoke Premium.