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)) currently sits just below the 50-day moving average after testing support at the 200-day moving average last week. If the index doesn’t clear past the 50-day MA this coming week, it seems likely that it will be headed for the next leg lower, probably past the 200-day MA on its way to retesting the short-term lows at the 1343 level. The index is up 14.97% 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. Compared to the S&P 500, the index is outperforming slightly, returning 14.98% 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. Year-to-date, the index is up 14.53%, less than the overall market. In the past few months, a short-term trend of growth stocks outperforming value stocks has been reversed.

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 June. You would think with all the negative chatter surrounding China and Europe that the index would be broken, or at least under any one of its moving averages. That’s just not the case, as it seems that much of it was already priced into the EAFE. The EFA chart is actually much more bullish than that of the S&P 500. The index is up 13.85% 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, also finds itself above support at the 50 and 200-day MA and approaching new highs. The index is up 13.49% for all of 2012.

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, reversing the theme of international value stocks outperforming growth stocks for 2012. The index is up 14.75% YTD.