While it is true the leading small caps are taking a pause here, a true bullish tape will see other sectors picking up the pieces. If that fails to materialize, then it is a sign of caution. Today, the semiconductors are acting well on an uptick in buy volume, as you can see on their sector ETF weekly chart below. Being mindful of rotations is key in a bullish tape, until the bears prove they are back in control.
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