Having experienced multiple quadruple-point days, including moves along the lines of 2,000 points, we’ve all become accustomed to unchecked mayhem. I was feeling that today was a complete bore, and I noticed the Dow was up about 500 points. This is yet another “new normal”, I guess.
The chart below is not of the Dow, but of the Russell 2000. It makes the same point in a different way. Notice how the dynamism of the small caps has sputtered into the apex of the triangle, and how the range of the bars has changed from enormous to puny.