From our Trend Analyzer tool, ten major US Index ETFs are overbought, four are neutral, and none are oversold. Yesterday, we noted that most of the ETFs that were trading in overbought territory were just barely there, but yesterday’s gains pushed them to more overbought levels.
The Core S&P Small-Cap (IJR), Micro-Cap (IWC), Russell 2000 (IWM), and Nasdaq 100 (QQQ) are the only ETFs that are down from one week ago, and the Micro-cap ETF (IWC) once again remains the only ETF trading below its 50-DMA.
On the sector level, it is a similar story to yesterday with the major Index ETFs. Most sector ETFs are overbought, but not at extreme levels. Most notable of the sectors is Energy which currently sits slightly above the 50-DMA. This is a big change from one week ago when it was oversold. Conversely, the Telecommunications sector has seen the largest decline from one week ago. As you can see, it quickly fell out of the extreme overbought range.