Further declines this week have continued to push the major index ETFs deeper into oversold territory. Currently half of the major index ETFs are sitting over 2 standard deviations below the 50-DMA; what we consider to be extremely oversold. While the rest of these ETFs are not yet at extreme levels, they are on the cusp of joining their peers. This push deep into oversold territory has been pretty rapid as evident by the long tails to the right in the Trading Range section of our Trend Analyzer. This time last week, these ETFs were just barely oversold or neutral. Some, like the S&P 500 (SPY) and Nasdaq (QQQ), were actually right near the 50-DMA. As this group has fallen into oversold territory, small and mid caps have led the way lower. The Core S&P 500 Small-Cap (IJR) is currently down the most with a 3.8% decline while the others are not far behind all down over 3%. Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.