The S&P 500 Cap-Weighted Index has performed markedly through three quarters, despite a recession-esque economic environment. The index stands close to 52-week highs and currently sits atop support at the 1430 level. It sits above both moving averages with both trending higher. While the mood is somber, the charts look good, but proceed with caution. The index is up 16.33% for the year.

The S&P 500 Equal-Weighted index ((RSP)) is set up so that every stock in the index has the same weight, thereby eliminating market-weighting’s growth bias. As a result, the index tilts more towards mid-cap and value stocks, which accounts for much of the outperformance versus the cap-weighted index in the last decade. The index has returned 14.06% YTD.

As evidenced by the under-performance of the S&P Equal-Weighted Index, one of the themes for the year has been high quality, blue chip stocks outperforming growth-oriented, smaller cap stocks. That thesis applies to the performance of the S&P Mid Cap 400 Index ((IJH)) as well. The index is up 13.64% through three quarters.

The Russell 2000 Small Cap Index ((IWM)) currently sits a top support at the 83 level. It is up 14.49% YTD.

It’s no surprise that the MSCI EAFE Index ((EFA)) lags far behind the world in performance, given the circumstances. Technically though, the EAFE is looking great, as it sits well above both the 50-day MA and the 200-day MA, and despite a recent downturn, sits atop support at the 53 level. International markets, specifically Europe, may be the place to be soon. The index is up just 9.57%% for the year.

The MSCI EAFE Small Cap ((SCZ)) has performed slightly better, with a YTD return of 13.17%.