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Small and Mid Caps monthly momentum is reaching lofty levels, last seen in 2007.
At the same time both are hitting Fibonacci 161% extension levels based upon their 2003 lows and 2011 highs as a resistance line off the 2003 lows is coming into play at (1) above.
Joe Friday just the facts – This situation is not bearish at this moment. It does suggest caution for long-term bullish holdings.