The Standard & Poor’s 500 is a stock market index based on the common stock prices of the biggest 500 publicly traded American companies. The S&P 500 ((IVV)) successfully bounced off its 50-day moving average in the past month on its way to new highs, the fourth such incident in 2013.  Apparently there’s no stopping the stock markets. The index is up 15.28% 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 looks exceptional based on the charts, on a slow but steady trajectory pointing higher. After breaking out past the 75 level, the index continued this spectacular run. Compared to the S&P 500, the index is outperforming slightly, returning 16.02% 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. While the index was struggling to maintain pace with its value counterpart, it has recently reversed the trend, as seen on the second chart. Since the start of the new year, the index is up 14.61%, less than the overall market.

In the past few 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, has established a nice uptrend since its lows in November. As the negative chatter surrounding China and Europe has subsided (at least temporarily), the index surged to new multi-year highs after bouncing off the 50-day moving average in mid-April. The index is up 10.25% 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 51 level on its way to new multi-year highs. The 51 level now becomes support, as does the 50-day moving average. The index is up 9.48% 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 slightly outperformed compared to the value index, unlike its American counterpart. The index is up 11.23% YTD.