From our proprietary Trend Analyzer tool, most major US Index ETFs have moved closer to neutral levels (from overbought) if they have not already reached it. As shown below, 8 index ETFs are just barely overbought, 6 are neutral, and none are oversold.
While most ETFs have moved lower towards their 50-DMAs over the last week, only the Micro-Cap ETF (IWC) has actually gone below the 50-DMA. IWC has been declining all of September but is still up 10.97% on the year. The Core S&P Small Cap ETF (IJR), Russell 2000 ETF (IWM), and Nasdaq 100 (QQQ) are the other prominent movers back toward their 50-DMAs. Conversely, the Dow Jones Industrial Average (DIA) has seen the biggest gain in the last week at +0.79%. It is also the highest above the 50-DMA, but it should be noted that’s it’s still not strongly overbought.