A shorter session and the Christmas holiday did nothing to stave off further declines on Monday. This can be seen through our Trend Analyzer. All of the ETFs tracking the major indices are currently extremely oversold. The tails are very short meaning they have not moved very far from where they were this time last week. To further hammer home just how oversold these ETFs are, every single one is more than 12% below its 50-day moving average.
The past few months of steep declines are now fully visible through year-to-date performance as well. The Nasdaq (QQQ) is still the best performer even though it is now down 7.35%. The rest are down 10%+ YTD with the Micro-Cap (IWC) down the most at 18.06%.