Go See Q Before You Call a Top

Small caps are flipping red this morning, along with banks, clearly at odds with yet another gap higher on the Dow. Moreover, the Nasdaq heavyweights in the QQQ are attempting to benefit from another in a long line of musical chairs-esque rotations back down to them, after having previously lagged the post-Election rally. 

I am looking to see if this outperformance in the Q's sticks headed into tomorrow afternoon's FOMC event. If so, then it could easily offset any further selling in the IWM and XLF, perhaps even the transports, too. 

Seeing names like AMZN and FB snap back hard today ought to be promising for bulls, even if they do have some more work to do to prove they are done correcting, beyond the deeply corrective charts for the likes of TSLA. 

Still, the fact remains that the QQQ, below on the daily chart, is printing new all-time highs today and breaching well-defined resistance.