The picture has gotten much more deeply oversold in our Trend Analyzer tool following further selling off over the past few days.  Every major US Index ETF is now oversold and not a single one less than 5% below their respective 50-DMAs. Prior to yesterday, mid-caps had primarily been the only ETFs that turned negative YTD, but today that is no longer the case.  Across the board, there are more that have gone negative.  Currently, there are only five ETFs that have gains on the year; even these gains have to be taken with a grain of salt as four of them are only under half a percentage point. Despite notably poor performance this week, the Nasdaq (QQQ) is still up the most YTD at 2.76%.  Taking a look at longer-term trends, the outlook has once again gotten bleak.  Today there is not a single major index ETF that is in an uptrend.  Half are trending sideways and the other half have entered downtrends.  The Dow (DIA) had been the holdout for some time now, but yesterday’s selling changed that.

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