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As investors prepare for the Federal Reserve announcement today, they are feeling pretty good.

That’s mostly due to the performance of the “big 3” stock market indexes: the S&P 500, Dow Jones Industrials, Nasdaq.

As you can see in the upper half of today’s chart, all three are at all-time highs (1).

But that’s only half of the story. In the lower half, we have the Russell 2000, Dow Transports, and S&P Mid-Cap Indexes… and they are not at all-time highs. In fact, they are in downtrends

So who is telling the truth? Will this divergence lead to a stock market correction? Or will the lagging 3 indexes play catch up?