Even with drastic moves intraday, on a closing basis things have actually been fairly flat so far this week. As a result, not much has changed in our Trend Analyzer tool. Only the Nasdaq (QQQ) is neutral while the rest of the index ETFs remain oversold. Still, QQQ is very close to oversold and well below where it was this time last week. YTD performance also remains weak with small and mid-cap focused ETFs are showing the worst performance.
When looking at sectors, since last week the utilities sector is outperforming all others. Along with the real estate sector (XLRE), XLU is one of two overbought sector ETFs. Conversely, the financial sector (XLF) has continued to get crushed as it sits deeply oversold and is closing in on 10% lower from 5 days ago.