Whereas we began last week with every major index ETF firmly overbought—albeit less than the previous weeks—today, every one of these ETFs are sitting in neutral territory.  This comes as each of these have seen significant declines since last Monday’s open.  Small caps got hit the hardest with the Core S&P Small-Cap (IJR) falling the most at 4.49%.  The other small caps, Micro-Cap (IWC) and Russell 2000 (IWM), also saw declines exceeding 4%.  Also worth mentioning, with these declines, IWC has yet to have moved out of its downtrend despite every one of its peers now trending sideways.  Meanwhile, the large-cap S&P 100 (OEF) fell only 1.76% last week.  With this recent sell-off putting the 2019 rally on hold, it has also dragged down YTD gains.  Previously, each major index ETF had seen double-digit returns on a year to date basis, but now, there are only nine exceeding 10%.

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