The market has been seemingly changing character intraday today. Looking at a 10-minute chart of the leading IWM, ETF for the Russell 2000 Index, we can see two levels to observe. Clearly, the small caps have been in a mini-correction since last Friday. The first level is where we currently sit, but above there I am watching $94 like a hawk to see if prior support now turns into resistance.
As always, the larger uptrend means you cannot get too bearish without actual evidence of deterioration for more than a day or two.
I am staying on my toes, indeed.
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