After another push higher yesterday, major US index ETFs are all now firmly overbought.  Small and mid-caps are still the most overbought by a small margin as they continue to be the best performers with each one up over 1.5% over the past week while their peers have seen far more modest gains.  Turning to the YTD performance, things are a bit more cheery.  Currently, a majority of US index ETFs have now edged out double-digit gains on a year to date basis, and the ones that aren’t (DIA, IVV, OEF, and VOO) are very close to doing so.  Despite the rally since Christmas, each of these indices are still in long term downtrends and the timing is poor.  If the gains to start 2019 continue for a few more weeks, however, we’ll start to see these downtrends flip to sideways trends or even new uptrends.

Print Friendly, PDF & Email