Small Caps advance; but's it's 'not where 'it's at'........

$SML Small Caps Weekly Chart @ Close 11/01/2017

As noted in our previous post; further Gains were the likely path forward. That said & the Big Cap narrowly based indices are where the real action is; notably the NDX100 & OEX.
As per THE WEEKLY; the ongoing 'boring' BUT only posture is to 'sit tight' & await a CLEAR & OVERT Signal that the Trump Rally is due a meaningful Correction.

US Small Caps STILL @ Dec 5' 2016 Weekly Close levels......

 Small Caps S&P600 Daily Chart @ Close 08/04/17

2017 YTD Price Action for the broader US Benchmark Index (S&P500 + 100 = 600) continues in Time Corrective Mode whilst other more narrow (DJIA) & heavily weighted/ concentrated (NDX100) indices continue their relentless ascent amid Sentiment #'s (Low Bullish Consensus) that suggest more is in store before a Price Correction of meaningful intent finally occurs.

FINALLY......Signs of a meaningful Correction?

NDX100 Daily Chart @ Close 06/27/2017

Long time between updates as the Small Caps basically trade sideways (Time based Correction); the NDX100 has beeen 'where it's at' for 2017 & perhaps finally a 'crack' of sorts (Daily Close below Up- Trend Line > Dec16) basis Tuesday's Close @ 5671 amid further heavy losses?
A simple yet 'hefty' 38.2% retrace sees 5450 as the potential 1st Stop on this move lower; beyond that & matters get interesting ......interesting enough for the much mentioned (THEWEEKLY) sub 1.90% Gap in the US10yr Note to finally get a Fill of its own?). Time will tell.

US Equity Market: 'much ado about nothing?'...........Small Caps (S&P600)

S&P600 ($SML) Daily Chart @ Close 04/06/2017

Post the 5- Week 'Moonshot' Trump Rally (23% in 5 Weeks) after Election Day 2016; it's literally been 'much ado about nothing' as commentators oscillate between calling the end to the 'false' (fake even!?) Trump Express Rally & those that claim 'we ain't seen nothing yet'.......
The reality remains that not even a 38.2% retrace of said 23% Gains have yet to be surrendered with Thursday's Close still some 17.5% above the 702.99 early November Lows whilst the market in general either takes a breather before New Highs are scored OR Economic Data 'disappointment' questions the tenets of both this Rally & the Fed's 'return to normalcy' Fed Funds Rate adjustments? Time will tell.

US Small Caps Weekly Key Reversal negated..........

US Small Caps Index @ Close 03/01/2017

Last Week's Record Highs & subsequent Key Reversal NOW negated with the market's response to President Trump's presidential speech. Technical Analysis gets to play 'second' fiddle' to Trumpism & his uncertain BUT so far energizing presidency....for equity markets globally......is The Right Stuff.

WTI remains the Trading 'vehicle' of choice.........

WTI Daily @ Close Friday 02/10/2017

The Baker Hughes Rig #'s continue their march back above pre- 2016 levels as Crude trades above $50/bbl for longer than most Traders probably would have opined?
Sooner or later the World's #3 Supplier must have an impact & Crude will yet again prove to be a Profitable Short?
Focus remains for a Signal that said Short Trade with low $40/bbl still technically achievable.

WTI (Crude) following the script nicely; a 'Low & Last' Close Tuesday NY.

WTI Daily Chart @ Close 01/10/2017

After initially retracing > 61.8% of the losses from recent $55.24 Highs; Crude has respected the reliable MACD Sell Signal from the 1st Day of Trade in 2017.
Proxy Global Equity markets will likely be 'along for the ride' following their recent ebullient yet not so far well founded rallies.
It's NOT early 2016 all over again; BUT it is still only 6 Trading into the Month of January...........
Aggressive & Prudent Tactical types are likely Short from said 61.8% retrace @ $54.04 with Minimal Pain (Retrace High = $54.32) & now some +6% P/L for 3 Days work.
Interim Target looks like $49.50 with the more adventurous Shorts 'scouting' for some serious early Year scores circa $47 (+13%P/L!)

Crude posts Wide- Range Daily Reversal; perhaps signaling Risk- On @ 'Risk'?

WTI Daily Chart @ Close 01/03/2017

Crude proved to be both pertinent & timely during the course of 2016 as an Indicator for Risk Assets.
If this is still so; then 2017 may well start out in similar fashion to 2016's conspicuous & rather volatile early miss- step.....or few? Notably the MACD was on Sell Signal before Tuesday's opening gambit for the year; subsequent Price Action certainly suggests it (MACD) may well be 'onto something?