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Nick Perry (Schaeffer's Investment Research) submits:
The DJIA and COMP took the lead, with the SPX close behind. These three indices erased yesterday's drop, but looking at the RUT I see it recouped less than half of its decline. Of course, the small-cap index is trading near all-time highs and has been marching to the beat of its drum, so I don't know if the relative comparison on the daily action is meaningful:

Tomorrow's action should be interesting. The SPX was able to bounce back but still remains below its 50-day moving average, which sits near 1269, while the COMP finished more or less right on its 50-day trendline.

Source: Wednesday's US Market Wrap By Sector