Other than the Dow, most major indices saw losses on the day yesterday.  These downward movements helped to push the small-cap ETFs further into oversold territory.  Recently, these ETFs have had far greater momentum downwards as we have been highlighting the divergence between small-cap and large-cap focused ETFs.  For example, the Dow (DIA) has remained one of the best performers recently while the Micro-Cap (IWC) has greatly underperformed.  Our Trend Analyzer today is showing a continuation of this with 7 overbought, 3 neutral, and 4 oversold.  Like yesterday, most of the overbought ETFs are in a similar place to where they were one week ago, mostly sitting only slightly higher.  On the other hand, the ones that have moved down have moved big.  Core S&P Small-Cap (IJR) and Micro-Cap (IWC) have both gone into extreme oversold territory.  Along with the Russell 2000 (IWM), these three ETFs are all down over 3% from mid-week last week.

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