It has been a week now and most of the ETFs tracking the major indices in our Trend Analyzer have held in their neutral trading range.  Despite small declines Friday, last week saw solid gains for each of these ETFs.  Midcaps and Small Caps continued to outperform with the Russell 2000 (IWM) outperforming last week.  Along with the Core S&P Small-Cap ETF (IJR), all the mid-cap focused names saw gains of over 4% on the week.  This group is also very close to breaking out above their 50-DMAs; 6 of the 14 are within a percentage point of the moving average.  With futures lower this morning, bulls aren’t going to see a break above this resistance level at the open.  A breakout from these levels would certainly be a positive signal for these indices, but until that happens, the bears remain in control with long-term downtrends still solidly in place.

Print Friendly, PDF & Email