Following further declines yesterday, every major US Index ETF in our Trend Analyzer tool is once again oversold. The Micro-Cap ETF (IWC) and the Nasdaq (QQQ) have led the way down over the past week, falling 5.67% and 5.91%, respectively. Ironically, looking at YTD returns, the similarities vanish. IWC is now down the most YTD at 3.51% versus QQQ which is the leader YTD up 6.66%. Regardless, this is still way off of the Nasdaq’s double-digit YTD returns earlier this fall.
In other words, it is harder to keep an optimistic outlook for longer-term trends anymore and this is reflected in the Bespoke Trend scores section of the tool. Currently, only the Dow (DIA) has managed to keep an uptrend through all of the market turmoil. Every other name has left uptrends and is now trending sideways; with IWC and the Russell 2000 (IWM) actually in downtrends.