Broad market indexes have surged over the last few months, with semiconductors leading the charge.
Since the end of March, the VanEck Semiconductor ETF (SMH) is up over 60%, making it the top performer of the 34 sector ETFs I track
The table below lists the 10 sectors furthest above their 200-day moving average. SMH easily outpaces all other sectors, sitting more than 50% above the moving average. The next most overextended sector by this metric is the Invesco Solar ETF (TAN).
This next table ranks ETFs by their distance from their 50-day moving average. The iShares Software ETF (IGV) is first on the table with SMH trailing behind. This week, I’m looking at historical instances when the ETFs extended above these moving averages.