While the S&P 500 is testing its 50-day moving average today, the smallcap Russell 2,000 looks much worse. As shown below, the Russell 2,000 failed to make a new high along with the S&P 500 earlier this month, and today the index broke below its lows from late September/early October. With the index now below its sideways trading range from the last couple months, the trend looks to be down.
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