Large Caps Do The Work; Small Caps Continue To Lag

The S&P did close on a new all-time high, but it remained below the trendline.  Technicals are net positive and remain in good shape.

The NASDAQ made back lost ground, but not enough to undo the bearish ‘black’ candlestick from Thursday.  The index is still strongly outperforming Small Caps and technicals are all in the green.

The Russell 2000 (via IWM) made the strongest recovery but it did so from inside the prior base.  The index is still stuck well inside the base and it’s going to take more than a couple days of gains to get this back on track. Technicals are mostly bearish bar stochastics [39,1].

Large Caps are again carrying the can for the indices, but again, it’s Small Caps which need to catch up and take control if a broader rally is to be sustainable.  In the latter case, it may take a selloff to the 200-day MA before buyers will be willing to step in again. 

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