FYI: The major index ETFs have worked themselves off of overbought levels following last week's declines which were some of the steepest of any given week so far this year. Each of these ETFs were hit fairly hard with most declining over 2% while the Dow (DIA), Russell Mid Cap (IWR), and Micro-Cap ETF (IWC) held up fairly better falling less than 2%. On the other hand, the Nasdaq (QQQ) fell the most with a 3.2% decline, the only one to decline over 3%. In spite of this, QQQ is still the only index ETF to have risen over 20% on a year to date basis. Additionally, QQQ is now sitting the highest above the 50-DMA, and it's the only one over 1% above. Looking on the bright side of this recent pullback, every one of the major index ETFs has held onto its uptrend and now has a good timing score according to our Trend Analyzer tool. Unfortunately, this could all change after the open today given that US equity futures are down 1.5%. It will be important to see where things stand after the close today to see if support levels held.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/trend-analyzer-5-13-19-off-of-overbought
