February is already over, and the 2019 rally so far has led the major indices to finally exit their downtrends. For the first time since late November of last year, a majority of the index ETFs are not in downtrends. We begin March with eight of the fourteen index ETFs tracked through our Trend Analyzer trending sideways while the remainder still are trending down. As they all have made progress off of lows, further upside could certainly push the rest of the ETFs into the sideways camp. Though each ETF is still overbought, selling over the past week has brought the ETFs back to down to Earth from near extreme overbought levels.
Performance of these index ETFs over the past five days is as mixed as their trends, ranging from a loss of just under 1% to gains of just under 1%. In spite of strength throughout 2019, small and mid caps have been lagging behind in the past week. Of these, only the Micro-Cap (IWC) and Russell Mid Cap (IWR) have managed to edge out again but even these gains are nothing to write home about. IWC is up 0.07% while IWR is better at 0.34%. The Core S&P Small Cap (IJR) has been the worst of these ETFs losing 0.97% this week. Meanwhile, the Nasdaq (QQQ) has been the best of these ETFs this week.