Equities have continued to pull back off of their all-time highs from last week with further declines yesterday. Despite these declines, only small and mid-caps are in the red over the last five days. Whereas almost every major index ETF except for small-caps had been overbought, today there are nine overbought and another five that are neutral. Large caps remain overbought but have come off of near extreme levels. Meanwhile, mid-caps like the Core S&P Mid-Cap (IJH) and the S&P MidCap 400 (MDY) have moved back into neutral from overbought territory. These two ETFs are also about flat in the past week with each only having moved a few basis points. This is in stark contrast to the other mid-cap ETF in our Trend Analyzer, the Russell Mid-Cap (IWR), which has traded more in line with large caps. Currently, IWR is overbought and is dramatically outperforming other mid-caps as it has moved over 1% higher in the last week. As previously mentioned, small caps have yet to make it into overbought territory and are underperforming the rest of the market over the past week. Start a two-week free trial to Bespoke Institutional to access our interactive Trend Analyzer and much more.