Wyckoff’s Market Cycle

Any traders here study Wyckoff‘s market cycle? He often referred to the larger players in the market as Leaders and smaller players as Secondary Leaders. Today you can consider the S&P 500 as the Leaders with The Russell 2000 being the Seconday Leaders.

When The Russell rallies the way it has recently, it often reminds me of this quote from Wyckoff.

”Experience has shown that when a rise commences in a Secondary Leader, the Leaders are about done in their advance and distribution is taking place, under protection of the strength in the Secondary stock and others in its class.”