Declines over the past week have pushed all but one index ETF back to neutral from overbought territory.  Currently, only the Nasdaq (QQQ) is overbought.  QQQ has been a strong performer lately and while other indices have seen declines exceeding 3% over the last week, QQQ is only down 0.13% headed into today’s trading.  It is also up the most YTD at 15.74%.  On the other hand, the other index ETFs are all neutral with some having collapsed below the 50-DMA. There are now five ETFs below their 50-DMAs with the Core S&P Small Cap ETF (IJR) the furthest below.  As IJR edges increasingly closer to oversold, it is now over 2% below its 50-DMA.  Along with the Dow (DIA), it is also only seeing single digit returns YTD.  While IJR has been exceptionally bad, the other small caps like the Micro Cap ETF (IWC) and Russell 2000 (IWM) have not been much better, as these three are now all down over 3.25%.

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