{"id":29877,"date":"2021-12-11T04:21:04","date_gmt":"2021-12-11T04:21:04","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=29877"},"modified":"2021-12-11T04:26:07","modified_gmt":"2021-12-11T04:26:07","slug":"sp-500-small-caps-diverge","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/","title":{"rendered":"S&#038;P 500: Small caps diverge"},"content":{"rendered":"<p>The S&amp;P 500 ($INX) remains bullish, with Trend Index holding above zero for over a year indicating tremendous buying pressure.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png?resize=525%2C350&#038;ssl=1\" alt=\"S&amp;P 500\" width=\"525\" height=\"350\" \/><\/p>\n<p>Narrow breadth is our main concern, with the Russell 2000 small caps ETF (IWM) diverging from the S&amp;P 500 ($INX).<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx-iwm.png?resize=525%2C350&#038;ssl=1\" alt=\"S&amp;P 500 &amp; Russell 2000 Small Caps\" width=\"525\" height=\"350\" \/><\/p>\n<h2>Conclusion<\/h2>\n<p>The market is growing risk-averse as the Fed starts to taper. But financial markets are still awash with cash.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-11-m2.png?resize=525%2C292&#038;ssl=1\" alt=\"M2\/GDP\" width=\"525\" height=\"292\" \/><\/p>\n<p>Buying is likely to be concentrated in the heavyweights.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-10-big5.png?resize=525%2C350&#038;ssl=1\" alt=\"Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (FB), and Microsoft (MSFT)\" width=\"525\" height=\"350\" \/><\/p>\n<p>Small caps could possibly accelerate into a down-trend but reversal of large cap indices is unlikely with so much liquidity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The S&amp;P 500 ($INX) remains bullish, with Trend Index holding above zero for over a year indicating tremendous buying pressure. Narrow breadth is our main concern, with the Russell 2000 small caps ETF (IWM) diverging from the S&amp;P 500 ($INX). Conclusion The market is growing risk-averse as the Fed starts to taper. But financial markets &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;S&#038;P 500: Small caps diverge&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,57,34],"tags":[4979,4978,4977,3822,5336,5337,4981,3010],"class_list":["post-29877","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-stock-markets","category-us-canada-countries-regions","tag-alphabet-googl","tag-amazon-amzn","tag-apple-aapl","tag-ishares-russell-2000-small-caps-etf","tag-iwm","tag-meta-platforms-fb","tag-microsoft-msft","tag-sp-500"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P 500: Small caps diverge - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500: Small caps diverge - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The S&amp;P 500 ($INX) remains bullish, with Trend Index holding above zero for over a year indicating tremendous buying pressure. Narrow breadth is our main concern, with the Russell 2000 small caps ETF (IWM) diverging from the S&amp;P 500 ($INX). Conclusion The market is growing risk-averse as the Fed starts to taper. But financial markets &hellip; Continue reading &quot;S&#038;P 500: Small caps diverge&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-11T04:21:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-11T04:26:07+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"S&#038;P 500: Small caps diverge\",\"datePublished\":\"2021-12-11T04:21:04+00:00\",\"dateModified\":\"2021-12-11T04:26:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\"},\"wordCount\":95,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png\",\"keywords\":[\"Alphabet (GOOGL)\",\"Amazon (AMZN)\",\"Apple (AAPL)\",\"iShares Russell 2000 Small Caps ETF\",\"IWM\",\"Meta Platforms (FB)\",\"Microsoft (MSFT)\",\"S&amp;P 500\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"Stock Markets\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\",\"name\":\"S&P 500: Small caps diverge - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png\",\"datePublished\":\"2021-12-11T04:21:04+00:00\",\"dateModified\":\"2021-12-11T04:26:07+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2021\/2021-12-10-spx.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2021\/12\/11\/sp-500-small-caps-diverge\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"S&#038;P 500: Small caps diverge\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"S&P 500: Small caps diverge - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"S&P 500: Small caps diverge - the patient investor","og_description":"The S&amp;P 500 ($INX) remains bullish, with Trend Index holding above zero for over a year indicating tremendous buying pressure. Narrow breadth is our main concern, with the Russell 2000 small caps ETF (IWM) diverging from the S&amp;P 500 ($INX). 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-7LT","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":24570,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/15\/russell-sector-performance\/","url_meta":{"origin":29877,"position":0},"title":"Russell 1000 warning","author":"Colin Twiggs","date":"March 15, 2021","format":false,"excerpt":"A plot of the Russell 1000 large caps ETF (IWB) compared to Russell 2000 small caps ETF (IWM) shows small caps going gangbusters while large caps are losing steam. This is typical of the final phase of a bull market, when former leaders no longer lead. Another sign of Phase\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":58469,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/10\/17\/value-eclipses-growth\/","url_meta":{"origin":29877,"position":1},"title":"Value eclipses growth","author":"Colin Twiggs","date":"October 17, 2024","format":false,"excerpt":"Stocks found support, with value sectors registering the most significant gains. The Dollar strengthened, as did gold and silver, which benefited from their safe-haven status. Stocks The S&P 500 respected support at 5800. Follow-through above yesterday's high would confirm another advance, strengthening our target of 6000. The equal-weighted index similarly\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-16-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-16-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-10-16-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":46581,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/12\/20\/just-add-liquidity\/","url_meta":{"origin":29877,"position":2},"title":"Just add liquidity","author":"Colin Twiggs","date":"December 20, 2023","format":false,"excerpt":"A rising tide lifts all boats ~ Wall St aphorism All four asset classes have been rising since November -- when the Fed started increasing liquidity in financial markets. Gold (GLD) was the first to rise, in October, when Hamas started the Gaza conflict with Israel. Bonds (TLT) started to\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Gold SPDR (GLD), S&P 500 iShares ETF (IVV), 20+ Year Treasury iShares ETF (TLT), Russell 2000 Small Caps iShares ETF (IWM)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-12-20-gld-ivv-tlt-iwm.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-12-20-gld-ivv-tlt-iwm.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-12-20-gld-ivv-tlt-iwm.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":61354,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/03\/11\/bear-market-confirmed\/","url_meta":{"origin":29877,"position":3},"title":"Bear market confirmed","author":"Colin Twiggs","date":"March 11, 2025","format":false,"excerpt":"The Dow Jones Industrial Average closed at 41,433 after marginally breaking primary support at 42,000 yesterday. This confirms a bear market in terms of Dow Theory. Confirmation comes after an earlier bear signal, breaching primary support on the Transportation Average below. The S&P 500 also signals a primary downtrend after\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"Dow Jones Industrial Average","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-03-11-dow.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-03-11-dow.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-03-11-dow.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":48368,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/02\/13\/small-caps-surge-while-commodities-fall\/","url_meta":{"origin":29877,"position":4},"title":"Small caps surge while commodities fall","author":"Colin Twiggs","date":"February 13, 2024","format":false,"excerpt":"The S&P 500 failed to make further progress after breaking 5000. Expect retracement to test the new support level. The Russell 2000 Small Caps ETF (IWM), however, broke resistance at 200 to signal a fresh advance. Trend Index troughs above zero have warned of buying pressure since early January. The\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-12-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-12-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-12-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":30574,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/01\/21\/bitcoin-warns-of-bear-market\/","url_meta":{"origin":29877,"position":5},"title":"Bitcoin warns of bear market","author":"Colin Twiggs","date":"January 21, 2022","format":false,"excerpt":"ARK Innovation Fund (ARKK) has already crumbled into bear territory. Bitcoin (BTC), the last canary standing, broke support at 40K, warning of a decline to 30K and signaling a bear market. Russell 2000 small caps (IWM) have broken primary support at 210, signaling a primary down-turn. The S&P 500 ETF\u2026","rel":"","context":"In &quot;Cryptocurrency&quot;","block_context":{"text":"Cryptocurrency","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/cryptocurrency\/"},"img":{"alt_text":"ARK Innovation Fund (ARKK)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-21-arkk.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-21-arkk.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-21-arkk.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-21-arkk.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=29877"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29877\/revisions"}],"predecessor-version":[{"id":29880,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/29877\/revisions\/29880"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=29877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=29877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=29877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}