The S&P bounced off the 20-day MA as other indices gained. Volume climbed to register as accumulation as traders perhaps continued to edge in favor of Large Caps.
The Russell 2000 made a welcome recovery but the 'bull flag' remains under pressure. Relative performance continues to deteriorate. A long-term rally needs Small Caps participation and we are still some way from seeing it - this is perhaps the only negative to today's action.
For tomorrow, markets need to continue to push away from support and hit all-time highs. Small Caps have work to do to make up ground on the other indices and they are a bit of a black spot to the health of the broader market rally.
You've now read my opinion, next read Douglas' blog.
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