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.