The S&P 500 Index ((IVV)) zig-zagged with no certain direction for the first part of the year, losing just under 3% during this highly volatile period. The index broke support at the 50-day moving average and now finds itself testing the 200-day MA. Holding that level will be key.

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. The value index has been underperforming vs the S&P 500, returning -4.48% YTD.

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. Growth stocks have been the better bet so far in 2015, as the index is ahead of pace set by the S&P 500, returning -1.66% YTD.

A short-term trend of growth stocks outperforming value stocks has emerged. Over the longer term, you can see the shift from value stocks to growth stocks occurring in mid-2013.

While the MSCI EAFE Index ((EFA)), a global developed market index that encompasses Europe, Australasia, and the Far East, had significantly underperformed versus the S&P 500 in 2014, that has not been the case this year. The EAFE Index is actually up so far this year, gaining 0.62%, while also forming a short-term uptrend line.

The MSCI EAFE Value Index ((EFV)) consists primarily of low P/E international large-cap value stocks in the financials, energy, and communications industries. Like the US markets, international value stocks are also underperforming growth stocks of late, essentially flat at -0.4%.

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 1.29% YTD.

In the past three years, a longer-term trend of value stocks outperforming growth has emerged, but that trend is in danger of flipping soon.