The Dow (DIA) has lagged other major US indices over the last week due once again to weakness from Boeing (BA), which was downgraded yesterday. Turning to overbought/oversold levels, the Core S&P Small Cap ETF (IJR) and Micro-Cap (IWC) are still neutral while all others are overbought with most nearing extreme levels (>2 standard deviations above the 50-DMA).
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While the major indices may not have reached extreme levels, both the Materials (XLB) and Consumer Discretionary (XLY) sectors have done so. Two others — Communication Services (XLC) and Energy (XLE) — have been pressing closer as well. Most others are also overbought with the exception of Utilities (XLU) and Health Care (XLV).