Both measures of momentum had sizeable moves last week. Medium-term momentum (MTM) experienced a reversal with negative spreads across each index. Stocks that had outperformed the most over the past six months tended to underperform last week. MTM had the largest decline within the mid cap universe.

Index gains were driven by a MTM reversal. Stocks that had outperformed the most over the previous six months underperformed last week. The large and mid cap MTM spreads were each greater than one standard deviation below their averages. The small cap MTM spread (-5.83%) was greater than two standard deviations below its average.

Short-term momentum (STM) was positive in the large and mid cap indices. STM experienced a reversal in the small cap index (-2.86%). The stocks that had outperformed the most during the prior four weeks underperformed last week in the Russell 2000. The negative small cap STM spread was greater than one standard deviation below its average.