Things are continuing to look better in our Trend Analyzer. While the majority still sit oversold, there are finally multiple major US Index ETFs that are back in neutral territory. With momentum back towards the 50-DMA over the past week — as can be seen by the long tails — even those that are still oversold are very close to neutral territory.
During the October sell-off, we had been highlighting small and mid cap weakness. As buyers have come back over the past week, there has been a little bit of rotation into these former laggards. Among those that have moved back to neutral, three are small and mid cap focused (IJR, IWR, and MDY). These are also up the most over the past week.