Short-term momentum (STM) experienced a sharp reversal, particularly among large and mid cap stocks. Stocks that performed best over the preceding four weeks tended to underperform last week. The large cap STM spread was (-2.55%) was one standard deviation below its average. The mid cap STM was -2.34%.

There was a large Medium-term momentum (MTM) reversal last week. MTM should off in each index. The MTM decline was led by small caps, which experienced a -5.82% MTM return. The negative MTM spread among small caps was greater than two standard deviations below average. The large and mid cap MTM spreads were each greater than one standard deviation below average.

Medium-term momentum (MTM) experienced a reversal. Stocks that had outperformed the most over the previous six months tended to underperform last week. MTM dropped the most in the Russell 2000 (-3.27%). The small cap MTM spread was greater than one standard deviation below its average.