Small-caps leading lower again
The Russell 2000 index of smaller-capitalization companies is once again leading to the downside. It's the first of the "big four" indexes (S&P 500, Dow Industrials, Nasdaq Composite, and the Russell 2000) to fall below its 200-day average after all 4 had been above for over a month. We'll have more detail on Thursday, but in the shorter-term, the Russell continued to struggle, with a positive return two weeks later only 33% of the time. It generally wasn't that bad of a sign for the broader market, especially once we got past the first couple of weeks.