Despite new short-term highs, the S&P’s rally remains precarious and thin. Divergences across indices, failing cycle thrust, and deteriorating cycle breadth indicate a market under internal stress. The market has arrived at the precipice of the liquidity cliff.
One thing that stands out is the dramatic non confirmation of the broad small cap Russell 2000.
Russell 2000 cycle chart with S&P 500 overlay (black line graph) showing massive divergence. This has been purely a big cap bull, particularly the biggest. The rest of the market? Not so much.
Here are the specifics on what you need to know and to look for.
The full Technical Trader report delivers detailed cycle timing windows, tactical price levels, and trend diagnostics for the S&P 500, Dow, QQQ, and small caps. Lee Adler’s institutional-grade cycle model shows exactly when the next major turning points are most likely—and what levels will trigger them.
Get the complete Technical Trader analysis with:
Precise S&P 500 price targets and timing through Q3 2025
Dow non-confirmation breakdown levels and cycle reversal triggers
Full-cycle matrix with short-, intermediate-, and long-term projections
Internal breadth, momentum, and liquidity risk diagnostics
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