The S&P 500 Index((IVV)) has staggered since the onset of the year, gaining just over 1% during this volatile 1st quarter. It remains above support at the 1850 level and the 50-day moving average, but the market feels tired and is likely to test that this week. We might be in the midst of a turning point in the markets, so proceed with caution. The index is up 1.37% in since the beginning of the year.

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 is just below its all-time high set on Friday. While its underperforming compared to the S&P 500, returning 0.90% YTD, the trend may be flipping soon, as the index is outperforming in the last month.

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 ahead of pace set by the S&P 500, returning 1.70% YTD.

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

The MSCI EAFE Index ((EFA)), a global developed market index that encompasses Europe, Australasia, and the Far East, has underperformed during this latest run-up that began in February. The index is right above support at the 65 level, but it remains under its 50-day MA. A breakout likely this week, whether it be positive or negative. The index is down 2.88% 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, is also staggering of late, also falling below its 50-day MA. The 55.50 support level is one to watch this coming week. Like the US markets, international value stocks are outperforming growth stocks of late, and the trend seems to be strengthening. The index is down 2.38% since the beginning of the year.

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 underperformed in the short-term compared to the value index. The index is down 3.85% YTD.