Our Trend Analyzer tool lets Bespoke members quickly and easily check on the status of US stocks and ETFs. Below are snapshots of our Trend Analyzer tool as of yesterday’s close for various ETFs across US indices and sectors as well as key country stock market ETFs.
Below is a look at the major US index ETFs from large caps to small caps. All of them are currently in overbought territory in long-term sideways trends. For these ETFs to turn back into uptrends, we’ll need to see a breakout to new highs in the near term. New highs are quite a bit away for indices like the Russell 2,000 (IWM) that are still down significantly year-to-date. But the Nasdaq 100 (QQQ) is a lot closer to a new high given that it’s up 11% on the year! Heading into today, QQQ is only 0.8% away from its high made back in February.
Ten of the eleven major S&P 500 sectors are currently trading in overbought territory with Health Care (XLV) the only sector that’s not overbought. Health Care is very close to overbought, however, which you can see in the snapshot below.
Notably, four of eleven sectors are now up year-to-date — Communication Services (XLC), Technology (XLK), Health Care (XLV), and Consumer Discretionary (XLY). Energy (XLE) and Financials (XLF) are still down 20%+ year-to-date, while the Industrials sector is down 15%.
All of the major country ETFs are overbought as well, with four in extreme territory (which means they’re more than two standard deviations above their 50-DMAs). These four that are the most extended from their normal trading ranges are Germany (EWG), Italy (EWI), Japan (EWJ), and France (EWQ).
On a year-to-date basis, the US (SPY) is now doing the best with a decline of just 3.69%, while the UK (EWU) is down the most at -21.55%. Start a two-week free trial to Bespoke Premium to start using our Trend Analyzer tool today.