Small and mid-caps have surged in the past week as the Russell 2000 (IWM) and Core S&P Mid-Cap (IJH) gained well over 2%. These strong gains came in spite of their sideways trends; except for the Russell Mid-Cap (IWR) which saw more middling gains and is also in an uptrend. Last week’s gains also resulted in sizable movements within each ETFs’ respective trading ranges. While they were in neutral territory last week, many have moved to overbought levels. Although it has gotten close, the only one of the index ETFs not at overbought levels the Micro-Cap (IWC).
No major index ETFs finished lower last week, but the Dow (DIA) was a significant laggard with a gain of only 15 bps. While DIA underperformed (largely due to Boeing), the Nasdaq 100 (QQQ) surged 2.24% and the S&P 500 (SPY) rallied 1.63%. Whith these gains, the S&P 500 and Nasdaq managed to finish last week at new all-time highs, but the Dow still has some progress to make until it can do the same. Start a two-week free trial to Bespoke Institutional to access our Trend Analyzer and much more.