MTU Weekend. Ed. - Short Term Update (12/4/15 close)

SP500 reacted strongly at the lower end of the previous topping range (which now coincides with its MA50) over the past week (Chart 1). However, mid-to-small-caps once again are lagging the very large-caps (Chart 2), which may limit the momentum of the upswing. Perhaps the gray wave 4 or the blue wave B in Chart 1 are developing, even a failed wave 5 (green).