Inter Market Divergences can be subtle at times and their importance depends on what time frame they occur. Like last year a 12 month Divergence between the Nasdaq 100 and the Russell 2000 into FEB 2020 preceded a major market meltdown. The more recent divergence from Sept is 2 months old now. The outperformance of small stocks is very clear on this chart and tech stocks have not made higher highs based on this index since. The divergence needs to break else it signals to me a near term market reversal.