While the small caps did an admirable job of recapturing the $82.50 level on the IWM today, you can also see the tech stocks (largely Apple) in the QQQ probing recent support over the past week or so. This could easily be a bull retrace after the strong push higher into the 1430’s on the S&P 500, though we still need at least another big follow-through day or two in order to trade the long side with more aggression.
I suspect we will have a cliffhanger of sorts into the weekend. The goal will be scanning as many charts as possible to see if things truly are setting up for further upside. For now, watch the strength in small caps to see if it carries over into the bell.
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