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Small cap underperformance looks to be a problem

gm-  Technically a similar picture as we've seen the last few days with early strength out of Europe, signs of recovery broadening with Italy, Netherlands and Eastern Europe.  TY Yields higher to 1-2 week highs, while Safe havens largely lower-   However, a few key changes YESTERDAY as we saw Small caps and Mid-caps underperform again dramtically after just a brief bounce-  Equal-weighted S&P vs SPX along with Equal-weighted QQQ v QQQ continuing to drop.. the latter to new lows for 2017-  the bounce over the last few days has lacked Volume and sufficient breadth to help this market truly recover back to new highs in resilient fashion and most momentum gauges continue to show negative sloping patterns while only 53% of all stocks are above their 50-day ma.. a far cry from what might be expected with prices only 1% off ALL TIME highs.  -  This breadth implosion which began in mid-July doesn't seem to be rebounding with price in the last few days, and is reason for  concern-   For today though, all eyes will be on FOMC minutes while focus turns to next week's Jackson hole meeting-  This am's data widely disappointed with housing starts well under forecast -4.8% MoM vs 0.4% expected.. and Building permits on MoM also nearly underperformed to the same extent.   -4.1% vs -2.0%-  early gainers in GOGL, URBN, PSTI, TGT, A, MBRX, EXEL, MYL, EXPR, while on downside- VIAV, NEFF, BMY and SLCA-   Let me know if you have any questions