The major indices have managed to edge out gains so far this week but the index ETFs in our Trend Analyzer for the most part still have some room to go before they have recovered from last week’s losses.  Currently, every major US Index ETF is within 1% of their levels from 5 days ago.  Only two of these—the Russell Mid-Cap (IWR) and Nasdaq (QQQ)—are positive.  Eleven of these names are oversold while the remaining three are neutral.  The oversold ETFs are teetering on neutral, so a little more upward movement would likely shift them to neutral.  Unfortunately, longer-term trends remain negative with ten of the names in this group sitting in downtrends.

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