Another day of declines yesterday—albeit small—has led the major index ETFs to be less overbought once again.  After having lost 1.11% over the past week (the worst performer in this time frame), the Core S&P Small-Cap (IJR) is now sitting at neutral; currently, the only one to do so.  While all the other index ETFs remain overbought, they are not as firmly overbought as they have been.  After spending the better portion of February entirely overbought, at one point almost reaching extreme levels, the group has all fallen off of these extreme readings and are now teetering on neutral.  This comes amid broad declines for these indices.  Only the S&P 100 (OEF) and Nasdaq (QQQ) have managed to edge out gains over the past five days.  And these gains are nothing to write home about both under half a percentage point.  Fortunately, on a year to date basis, each ETF is still up over 10%.

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