As of last Friday’s close, the S&P 600 was at $117.64. This is right smack dab in the middle of this range. In other words, the aggressive growth area of the market is in NEUTRAL territory.
As you can see from the 5 year chart above, small caps have entered into a period of narrow consolidation. The ultimate direction of small caps will depend on the results of the current earnings season and whether or not the turmoil in the world I described stabilizes or gets worse.
So when will the current bull market end? Keep your eyes on the small caps for clues.
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