FYI: April got off to a strong start yesterday, moving the majority of major index ETFs out of neutral territory and into overbought levels. Currently, there are only three ETFs that are still neutral while the remaining eleven are overbought. These ETFs have made a fairly large push towards or deeper into overbought in the past week as seen through the long tails in our Trend Analyzer tool. Some, like the Core S&P Mid Cap (IJH) and S&P Mid Cap 400 (MDY), have even made it back to overbought after sitting below their 50-DMAs at this time last week. These two have also seen the strongest gains, rising more than 3.5%. While most of the small and mid caps still have some room to run until overbought levels are more of a concern, other ETFs are approaching extreme overbought territory. On the other hand, the Micro-Cap (IWC) has significantly lagged in the past week and is just barely above its 50-DMA. The Core S&P Small Cap (IJR) is in the same boat. Even though it has rallied more than 3% over the last week, it only sits 0.64% above its 50-DMA.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/trend-analyzer-4-2-19-financials-back-in/
