FYI: As the S&P 500 and Nasdaq closed at new all time highs yesterday, conditions have made a push to more overbought levels. While the Core S&P Small Cap (IJR) and Micro-Cap (IWC) are still neutral as they have been for the past few weeks, all other major index ETFs are overbought. Four of which—the Dow (DIA), S&P 100 (OEF), Nasdaq (QQQ), and S&P 500 (SPY)—are now sitting at extremely overbought levels. Important to note, these are also some of the ones that have reached all time or new highs yesterday. While they have made it to new highs and extreme overbought levels, with the exception of the Nasdaq, the gains over the past week have not necessarily been that strong. This group is comprised of the only ETFs to have moved at least 1% or more over the past week. The other ETFs, mostly small and mid caps, have been a bit more stagnant rising around 0.2%-0.5%. Again, the Nasdaq is a bit of an outlier as it has rallied 2.39% in the past five days. The YTD gains are also blowing the other ETFs out of the water at 23.59%, over 3% more than the next highest gainer, the Russell Mid-Cap (IWR).
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/trend-analyzer-4-24-19-with-new-highs-comes-extreme-overbought
