While small and mid-caps have been notable laggards behind large caps, which have hit multiple new highs in the last several days, rather than continuing to drift lower they are showing some signs of playing catch up. While it isn’t even testing new highs or even above its April highs, the S&P 400 Mid Cap Index has managed to break its downtrend in the last few days, and is currently less than 4% from its 52-week high. Hey. It’s a start!

Small caps, however, are another story. The Russell 2000 has been trying over the last few days to break its downtrend but has come up just short. While all it will take is another couple of days to break that downtrend, 52-week, or all-time highs, however, are still a ways off; 10% to be exact.