$SPX Bullish, $IWM Indecisive, $NVDA Pullback

1. $S&P 500(.SPX)$

The breakout faded on Thursday but gained momentum on Friday.

The resolution seems bullish, and the volume shelf may be acting as a launchpad.

Price action suggests bullish continuation. Is tech awakening after diverging with the SPX?

2. $iShares Russell 2000 ETF(IWM)$

Indecisive spinning candle (indecision) breaching the upper Bollinger band. A pullback usually follows.

3. $NVIDIA(NVDA)$

Shooting stars on $NVDA proved to be a valid bearish warning. The pullback was anticipated. The question is: Where does the Risk/Reward favor a bullish reversal?

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Small Caps Are Outperforming: Can IWM Beat SPY This Year?

U.S. small caps are enjoying their longest streak of outperformance versus large caps in seven years. IWM is up 7.86% this month, far ahead of the S&P 500’s 1.45% gain. The last time small caps led for longer was January 2019, during a post-crash rebound. Investors point to the January effect and expectations that small-cap companies may be less exposed to potential Donald Trump-related tariff risks. Is this small-cap rally mainly a January effect or the start of a broader rotation? For 2026 positioning, would you overweight small caps or stick with large-cap leaders?

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