The S&P 500 Equal-Weight Index ($SPXEW) continues to underperform the market-cap weighted S&P 500 and its downtrend resumed with a break down in mid November. On the price chart, the index broke below its mid November low with a long black candlestick, made an attempt to recover this past week and failed with a close near the low of the week. The October-November bounce formed a lower high and looks like a counter-trend bounce.