December E-mini S&Ps (ESZ14 +0.08%) this morning are up +0.08% and European stocks are up +0.79% at a 2-month high.

Small Caps have been under performing the overall market lately. The S&P 600 Small Cap Index is down 11.17% from its previous high on July 1. The Weighted Alpha of the Index is -3.87 and the Relative Strength Index is only 29.36%.

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September E-mini S&Ps (ESU14 +0.07%) this morning are up +0.02% and European stocks are down -0.26%. The EU's second package of economic sanctions against Russia was put on hold for a "few days" to allow for more time to assess the viability of a cease-fire and a peace plan in Ukraine.

June E-mini S&Ps (ESM14 -0.23%) this morning are down -0.17% as they fall back from Monday's record high, although European stocks are up +0.25% at a 5-3/4 year high after UK industrial production rose at its fastest annual pace in over 3 years

The average mid cap score is 58.97, below the four week moving average score of 63.32. NOTE: Scores will shift to reflect Q2 seasonality next week. The average mid cap is trading -12.6% below its 52 week high, 4.58% above its 200 dma, has 5.68 days to cover held short, and is expected to post EPS growth of 18.9% next year.