Technical Assessment: Bearish in the Intermediate-Term

Stocks were higher on Tuesday, but it was the small and midcap stocks that led once again. In just four days, the S&P MidCap 400 (MDY) has popped 5.2% while the Russell 2000 (IWM) has spiked 6.1% -- the biggest four-day rally for the indices since November 2022. Technically, the MDY is in better shape than the IWM. After Tuesday's gain, MDY is above its three-month range of $428 to $461 and is 11.6% from its intraday all-time high from 11/8/21. The IWM has been stuck between $161 and $199 since April 2022 and is 23% from its intraday all-time high (hit on 11/8/21).