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Small caps just broke.
$IWM broke its uptrend, printed a bearish double top, and its relative strength against the S&P 500 is at new lows. MACD flipped to a sell.
Small caps live and die on borrowing costs, so higher-for-longer rates hit them hardest. The line of defense is the 200-day, which should provide strong support. Until it reclaims the trend, this is a laggard.
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