One of the best ways I found to gauge the overall strength of the market is to look at the 5 major ETF's the S&P 500 Large Cap Index (IVV), the S&P 400 Mid Cap Index (IJH), the S&P 600 Small Cap Index (IJR) , the Russell Micro Cap Index (IWC) and the NASDAQ 100 Index(QQQ). This tells you not only the movement in the overall market but also in the various capitalized levels of the market as well. These 5 fund own approximately 3000 separate stocks equaling about 98% of the entire US stock market capitalization.

Notice all 5 ETFs are trading below their 20 and 50 day moving averages. If you panic when the market is off by more than 10% then there is good news here as only the Russell Micro Cap (IWC) is down by more than 10% and the NASDAQ 100 (QQQ) is only 2.94% off its 52 week high.

S&P 500 Large Cap Index (IVV)

Barchart technical indicators:

16% Barchart technical buy signals
Trend Spotter sell signal
Below its 20 and 50 day moving averages
3.67% off its 52 week high
Relative Strength Index 50.82%
Barchart computes a technical support level at 203.01
Recently traded at 207.49 which is below its 50 day moving average of 207.78

S&P 400 Mid Cap Index (IJH)

Barchart technical indicators:

48% Barchart technical sell signals
Trend Spotter sell signal
Below its 20, 50 and 100 day moving averages
9.05% off its 52 week high
Relative Strength Index 47.87%
Barchart computes a technical support level at 137.44
Recently traded at 141.24 which is below its 0 day moving average of 143.31

S&P 600 Small Cap Index (IJR)

Barchart technical indicators:

0% Barchart technical hold signals
Trend Spotter sell signal
Below its 20, 50 and 100 day moving averages
8.41% off its 52 week high
Relative Strength Index 48.68%
Barchart computes a technical support level at 108.60
Recently traded at 111.94 which is below its 50 day moving average of 113.18

Russell Micro Cap Index (IWC)

Barchart technical indicators:

16% Barchart technical sell signals
Trend Spotter sell signal
Below its 20, 50 and 100 day moving averages
13.19% off its 52 week high
Relative Strength Index 49.10%
Barchart computes a technical support level at 71.45
Recently traded at 73.15 which is below its 50 day moving average of 74.04

NASDAQ 100 (QQQ)

Barchart technical indicators:

8% Barchart technical buy signals
Trend Spotter sell signal
Below its 20 and 50 day moving averages
2.94% off its 52 week high
Relative Strength Index 49.48%
Barchart computes a technical support level at 110.70
Recently traded at 112.29 which is below its 50 day moving average of 112.52