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“There’s always one more way to do things and that’s your way, and you have a right to try it at least once.” – Waylon Jennings

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

What looked like a questionable week for the equity market up until early Thursday afternoon quickly turned positive, and US stocks finished the week broadly higher. Of the major index ETFs we track in our Trend Analyzer, the only one to finish the week lower was the S&P 100 (OEF), which tracks the 100 largest companies in the US, and it only traded down 0.13%.

Last week’s rally was broad, with smaller-cap stocks leading the market higher. The Russell Micro-Cap ETF (IWC) traded up over 4% and finished the week in overbought territory, while the Russell 2000 (IWM) also gained 4%. Mid-cap stocks also outperformed, with the Russell Mid Cap ETF (IWR) rallying close to 2.5%. Except for the Nasdaq 100 (QQQ), other large-cap indices lagged their smaller peers, trading higher by less than 1%.

Heading into the new week, the S&P 500 is 2.5% below its all-time high, so even after today’s open, the index will be trading shy of its recent highs. However, the declines from last week look increasingly like a successful test of the 50-day moving average, and traders will look to the 7,620 level to see how much resistance it puts up.

While large-cap stocks are still looking up at prior highs, smaller caps are looking in the opposite direction. The Russell 2000 traded at an all-time high to close out last week and will only add to those levels at the open this morning.

The broadening of the rally also shows up in the performance of the S&P 500 Equal Weight ETF (RSP), which closed at an all-time high last week. While the S&P 500 tested its 50-DMA last week, its Equal Weight peer never even got close to that level.

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