Observation made by chartists at Barclays: The last time the S&P 500 index significantly outperformed the Russell 2000 index was during Q2-Q3 of 2011

Observation made by chartists at Barclays: The last time the S&P 500 index significantly outperformed the Russell 2000 index was during Q2-Q3 of 2011. Correspondingly, this was when the S&P 500 index lost approximately 21% in value (high to low). Conclusion from the chartists: While we are not currently expecting a large-scale shake-out of US equities, price does remain vulnerable to the downside.