A good intraday reference point is present in the IWM, ETF for the small caps housed in the Russell 2000 Index.
On this 30-minute timeframe, consider the 200-period moving average (yellow line). We saw a sharp breakdown from it yesterday and now a retrace back up to it. Currently, price is simply teasing traders, flirting with breaking one way or the other.
Given the mechanics of the market in 2013, you get the sense that bears need to not let this get away from them. In other words, asserting themselves here to turn price back down away after an expected bounce is key for them pulling off a deeper correction.
Otherwise, the overall uptrend likely prevails.
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OOoh..
Small caps love to do that, then when you think nothing is going to happen, bam, there goes the back board.