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The Russell 2000 & Mid-Cap 400 happened to bottom together in the fall of 2008, ahead of the S&P 500, sending a bullish signal to the broad markets.
Turning the page forward, they both started started reflecting weakness earlier this year after they both hit respective Fibonacci 161% Fibonacci extension levels. Both have been diverging against the S&P 500 for the past few months.
Currently both are making an attempt to break support drawn off the lowest of lows, starting at the 2009 lows.
Both look to have created rather large bearish rising wedges. The positive divergence was a bullish sign in late 2008. Watch to see if the bearish divergence over the past 6 months is a bearish signal for the broad markets.