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Are We Facing A Short Term Top?

|Includes:iShares Russell 2000 ETF (IWM), SPY

The following graphic is a relationship between the S&P500 and the Russell, which usually act as a good indicator to determine bottoms and tops for market.

We see that currently such spread presents a displacement of more than two standard deviations, which warns us of a possible top on markets.

(click to enlarge)Click to enlarge

Source: Reflexiones Hedge Fund Trading

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Stocks: IWM, SPY