Chart of the Day - Wednesday, March 22nd, 2023

Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The further you go down the cap scale, the weaker the index. The Large-Cap S&P 500 (left) is the only index that is currently above its 200-day moving average (but just barely after today's weakness). The Mid-Cap index ($MID) tried to reclaim its 200-day moving average today, but it was rejected. The Small-Cap index ($SML) is comfortably below its 200-day moving average, as it tests the December lows. Micro-Caps are by far the worst, with $IWC testing new bear market lows. Bulls want to see Smaller-Cap stocks leading the charge as a sign of risk appetite, but that's clearly not the case right now.