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Bespoke: Trend Analyzer - 5/14/19 - Oversold Shift

TedTed
in Fund Discussions
FYI: Tacking onto the past week's losses, yesterday was the first decline of over 2% in more than five months for the S&P 500 (SPY). Currently, every major index ETF has now declined over 4% in the past five days. Small caps and mid caps, in particular, have gotten hit hard as each one has fallen over 5%. Meanwhile, the Nasdaq (QQQ) has more dramatically underperformed, currently sitting just under 6% below where it was last week at this time. QQQ has still outperformed all other major index ETFs on a year to date basis, though. There is also no longer any major index ETF sitting above the 50-DMA. Whereas last week the group was entirely overbought, they head into trading today at either oversold levels or neutral and on the cusp of oversold. As seen through the long tails across each name in our Trend Analyzer, the movement towards this lower end of the ETFs' trading ranges has been rapid. But this pullback provides a good timing opportunity considering each one is still in an uptrend over the past six months
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/trend-analyzer-5-14-19-oversold-shift

Comments

  • Old_Skeet
    edited May 2019
    Hi @Ted: Thanks for posting the Bespoke Trend Analyzer updates. Good information. Old Skeet's market barometer, based upon its metrics, scores the S&P 500 Index (SPY) at fair value with a reading of 154. This is just short of entering undervalue on the barometer's scale.
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