SPDR S&P MidCap 400 (NYSEArca: MDY) has been a very strong performer in the rally from the financial-crisis lows but the ETF has underperformed the S&P 500 in recent months, which is worrying some technical analysts.

“Typically mid-caps lead in a strong market but presently they lag well behind,” says Tarquin Coe at Investors Intelligence.

“A bearish relative divergence is evident with the May price high and the area has effectively been underperforming since late March,” he said in a newsletter Monday. “Today is seeing further underperformance and considering the market is rallying off a low, mid-caps should really be surging from here.”

MDY, the mid-cap ETF, is flat the past month while iShares Core S&P 500 ETF (NYSEArca: IVV) has gained about 1.4%. [Impressive Returns of Mid-Cap ETFs Get Lost in the Mix]

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