Note the departure betwixt the ES futures (top chart), which made a fresh high this morning, together with the Russell 2000 Index (IWM, bottom chart), which has stayed below yesterday's high together with good below its prior peak. During the market's corporation piece of job up, small-scale cap stocks led the way. Now we're seeing them underperforming, together with that is showing upwards inwards the rather tepid readings from the novel 20-day highs vs. lows. We've seen, thence far, exclusively a niggling over chiliad stocks brand 20-day highs together with then far today, good below the 3000+ novel highs from before inwards March.
If y'all examine daily charts of the S&P 500 sectors, you'll likewise run across that many did non register novel highs together with then far today. I'm keeping a unopen optic on those divergences, every bit failure to follow through on the upside would target a supply to the recent trading range.
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