$iShares Russell 2000 ETF (IWM.US)$$Direxion Daily Small Cap...

$iShares Russell 2000 ETF (IWM.US)$ $Direxion Daily Small Cap Bull 3X ETF (TNA.US)$ $S&P 500 Index (.SPX.US)$ Looking at the relationship between Russell 2000 and S&P500 we are trading just below the regression channel of the last 10 years. This only happened twice in recent times - the housing crisis in 2008 and the Covid crisis in 2020.
If the S&P stays up (i.e. doesn't collapse) then I would expect Small Caps to lead higher to return at a minimum to the mean. With other words, unless the S&P collapses this week I see Small Caps holding support and start moving higher.