The MidCap 400 index dropped below its 200-day moving average for the first time since November of 2012, almost two full years ago. It only stayed below for two trading sessions at that time and quickly rebounded. But the point is, this is a large swathe of the market joining the Russell 2000 into a downtrend. I’m harping on the separation between the S&P 500 (or, should I say, the S&P 100?) because I think this is important.
I just don’t know how important, or for how long. Resolution can occur in either direction.