Below is a snapshot of major US equity index ETFs from our Trend Analyzer tool available to Bespoke members. Every ETF in this group was down 10% or more in the first quarter, with the Nasdaq 100 (QQQ) down the least at -10.24%. Small-caps (IJR, IWM) and micro-caps (IWC) were the worst performers in Q1 with declines of more than 30%. The S&P 500 (SPY) was down 19.4% in Q1 while the Dow 30 (DIA) was down 22.6%.
Notably, every single major index ETF is now in a long-term downtrend based on our “Trend” scoring system. All but one are trading in oversold territory, which means they’re more than one standard deviation below their 50-day moving averages. QQQ is the only ETF in the group that didn’t end the first quarter of 2020 at oversold levels.
Over the last five days, these ETFs are up 5%+ pretty much across the board. The only exception is the Nasdaq 100 (QQQ), which is up just 3.7% over the last week. As bad as things look now, they were actually a lot worse a week ago. Start a two-week free trial to Bespoke Premium to see our list of “Stocks for the COVID Economy.”