As we mentioned yesterday, the Dow (DIA) was the first of the major index ETFs in our Trend Analyzer to finally break out of the downtrend it had been stuck in over the past couple months.  Despite declines on the day yesterday, the Russell Mid-Cap ETF (IWR) is now the second member of the group of index ETFs to have moved out of its downtrend.  Again, while it may not be an uptrend we would prefer to see, the sideways trend is reassuring.

Declines yesterday also yanked the leash on overbought levels as several members of the group of ETFs entered the day very close to 2 standard deviations above the 50-DMA.  Every ETF is still overbought but at more middling levels.  Headed into the final session of the shortened week, small-caps have drastically outperformed with gains of nearly double the other indices.  At the top is the Core S&P Small-Cap ETF (IJR) with a gain of 2.53% over the week.  Right on its heels is the Micro-Cap (IWC) and Russell 2000 (IWM) at 2.44% and 2.20%, respectively.  At the other end of the spectrum, the Nasdaq (QQQ) has been very weak over the past five days only gaining 0.36%.

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