Odd Man Out

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Although this morning is a sea of green, and bulls are high-fiving each other left and right at all the lifetime highs taking place……..

The small caps don’t seem to feel like partying. This is an interesting exception, particularly considering how clean the failure from that symmetric triangle has been.

Taking a look at the bigger picture, by way of the cash index instead of the ETF, we can see how prices are starting to slip below the 50 day exponential moving average. Recently, this has been a bounce point. Let’s see if we get a more severe break, particularly if we can push past the 100 day EMA.