The Standard & Poor’s 500 ((IVV)) had been on a tear since blasting through resistance at the 50-day moving average in the beginning of July. But after hitting a  new all-time high above the 1700 level, it has come back down to Earth, falling below the 50-day moving average and failing at its downtrend lines. In order to continue its run to new highs, it must close above its 50-day very soon. Monday could be key for the future direction of the market. The index is up 17.74% year-to-date.

The S&P 500 Value Index ((IVE)), which consists primarily of US large-cap value stocks in the financial services, industrial, and consumer cyclical industries, tend to have lower price to earnings ratios and higher dividend yields than the market as a whole. This index took a hard hit since it hit all-time highs, and now looks to be in worse shape than the overall market. Compared to the S&P 500, the index is outperforming slightly, returning 18.41% for all of 2013.

The S&P 500 Growth Index ((IVW)), which consists primarily of US large-cap growth stocks in the tech, healthcare, and energy industries, tend to have higher earnings growth rates, higher earnings multiples, and little or no dividend yields. The index is slightly behind pace set by its value counterpart, but has a better-looking technical chart, as it still sits above support at the 50-day. Since the start of the new year, the index is up 16.77%, less than the overall market.

In the past couple of months, a short-term trend of growth stocks outperforming value stocks has emerged.

The MSCI EAFE Index ((EFA)), a global developed market index that encompasses Europe, Australasia, and the Far East, had fallen harder and faster than the US market in May, but has held up much better in the most recent market shakeup in August. Are things finally turning around in the developed world ex-US? As negative chatter surrounding Japan and Europe subsides, the index has concurrently found support at the 50-day moving average and seems to be on more solid footing now, especially compared to the S&P 500. The index is up 9.67% YTD.

The MSCI EAFE Value Index ((EFV)), which consists primarily of low P/E international large-cap value stocks in the financials, energy, and communications industries, broke resistance at the 50-day this past week but trails the overall index slightly. Like the US markets, international value stocks trail growth stocks of late, but only by a slight margin. The index is up 9.44% for all of 2013.

The MSCI EAFE Growth Index ((EFG)), which consists primarily of high-growth international large-cap growth stocks in the industrial, healthcare, and consumer cyclical industries, has outperformed compared to the value index. The index is up 10.12% YTD.